Confluence Investment Management LLC Has $3.70 Million Stake in CONMED Corporation $CNMD

Confluence Investment Management LLC lowered its holdings in CONMED Corporation (NYSE:CNMD) by 25.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 91,164 shares of the company’s stock after selling 30,374 shares during the period. Confluence Investment Management LLC owned approximately 0.29% of CONMED worth $3,701,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Tributary Capital Management LLC bought a new position in CONMED during the 3rd quarter worth $19,549,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of CONMED during the 2nd quarter valued at $659,000. SG Americas Securities LLC grew its holdings in shares of CONMED by 3,041.3% during the 3rd quarter. SG Americas Securities LLC now owns 63,894 shares of the company’s stock worth $3,005,000 after purchasing an additional 61,860 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of CONMED by 31.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 168,380 shares of the company’s stock worth $7,919,000 after purchasing an additional 40,697 shares in the last quarter. Finally, Segall Bryant & Hamill LLC bought a new position in shares of CONMED in the second quarter worth $1,397,000.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CNMD shares. Bank of America dropped their price target on CONMED from $65.00 to $52.00 and set a “neutral” rating for the company in a research note on Monday, December 8th. Zacks Research raised shares of CONMED from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Wells Fargo & Company upgraded shares of CONMED to a “hold” rating in a research report on Wednesday. Wall Street Zen downgraded shares of CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, Piper Sandler lowered shares of CONMED from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $55.00 to $39.00 in a research report on Tuesday. Seven analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, CONMED has a consensus rating of “Reduce” and a consensus price target of $50.17.

CONMED Stock Down 2.2%

Shares of NYSE CNMD opened at $35.97 on Friday. The company has a market cap of $1.11 billion, a price-to-earnings ratio of 23.82, a PEG ratio of 1.62 and a beta of 0.91. The company has a current ratio of 2.14, a quick ratio of 1.01 and a debt-to-equity ratio of 0.81. CONMED Corporation has a 12 month low of $35.37 and a 12 month high of $61.25. The stock has a 50-day moving average price of $41.17 and a two-hundred day moving average price of $43.72.

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

CONMED Company 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.