Envestnet Asset Management Inc. Boosts Holdings in CONMED Corporation $CNMD

Envestnet Asset Management Inc. raised its position in CONMED Corporation (NYSE:CNMD) by 31.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 168,380 shares of the company’s stock after purchasing an additional 40,697 shares during the period. Envestnet Asset Management Inc. owned 0.54% of CONMED worth $7,919,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CWM LLC lifted its position in CONMED by 352.0% during the 2nd quarter. CWM LLC now owns 791 shares of the company’s stock valued at $41,000 after acquiring an additional 616 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in CONMED in the 2nd quarter worth approximately $48,000. State of Wyoming purchased a new stake in shares of CONMED during the 3rd quarter worth approximately $52,000. GAMMA Investing LLC grew its position in CONMED by 14.8% in the third quarter. GAMMA Investing LLC now owns 1,770 shares of the company’s stock worth $83,000 after acquiring an additional 228 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of CONMED during the 3rd quarter worth about $167,000.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. cut their price objective on CONMED from $58.00 to $52.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Zacks Research raised shares of CONMED from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Piper Sandler cut their price objective on shares of CONMED from $68.00 to $55.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. Finally, Bank of America decreased their target price on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating for the company in a research report on Monday, December 8th. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $52.83.

CONMED Stock Up 0.7%

CNMD stock opened at $44.54 on Friday. The stock has a market cap of $1.37 billion, a P/E ratio of 29.49, a PEG ratio of 1.94 and a beta of 0.97. The company has a current ratio of 2.14, a quick ratio of 0.95 and a debt-to-equity ratio of 0.81. CONMED Corporation has a twelve month low of $35.37 and a twelve month high of $64.87. The company’s 50 day moving average is $41.15 and its two-hundred day moving average is $45.57.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, January 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.11. The business had revenue of $373.20 million for the quarter, compared to analyst estimates of $366.88 million. CONMED had a return on equity of 14.23% and a net margin of 3.42%.The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.34 earnings per share. Research analysts expect that CONMED Corporation will post 4.35 earnings per share for the current fiscal year.

CONMED Profile

CONMED Corporation (NYSE: CNMD) is a global medical technology company headquartered in Utica, New York. Founded in 1970, CONMED develops, manufactures and markets a broad portfolio of surgical devices and accessories for minimally invasive procedures. The company’s product line supports surgeons and healthcare providers in specialties including orthopedics, general surgery, gastroenterology and gynecology.

CONMED operates two principal segments: Orthopedics, and Visualization & Energy.