Envestnet Asset Management Inc. Boosts Position 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 its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 168,380 shares of the company’s stock after acquiring an additional 40,697 shares during the quarter. Envestnet Asset Management Inc.’s holdings in CONMED were worth $7,919,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Tributary Capital Management LLC acquired a new position in shares of CONMED in the 3rd quarter valued at $19,549,000. Keeler Thomas Management LLC acquired a new stake in shares of CONMED in the 2nd quarter valued at $1,081,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of CONMED during the 2nd quarter worth about $659,000. SG Americas Securities LLC lifted its stake in shares of CONMED by 3,041.3% in the third quarter. SG Americas Securities LLC now owns 63,894 shares of the company’s stock valued at $3,005,000 after buying an additional 61,860 shares during the period. Finally, Segall Bryant & Hamill LLC bought a new stake in shares of CONMED in the 2nd quarter valued at approximately $1,397,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CNMD shares. Piper Sandler dropped their target price on shares of CONMED from $68.00 to $55.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. JPMorgan Chase & Co. reduced their price objective on shares of CONMED from $58.00 to $52.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Bank of America decreased their price target on shares of 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 research note on Tuesday, February 3rd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of CONMED in a research report on Thursday, January 29th. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, CONMED presently has an average rating of “Hold” and a consensus target price of $52.83.

CONMED Price Performance

Shares of CNMD stock opened at $44.54 on Friday. The business has a fifty day simple moving average of $41.15 and a 200 day simple moving average of $45.57. The company has a market cap of $1.37 billion, a P/E ratio of 29.49, a P/E/G ratio of 1.94 and a beta of 0.97. CONMED Corporation has a twelve month low of $35.37 and a twelve month high of $64.87. The company has a quick ratio of 0.95, a current ratio of 2.14 and a debt-to-equity ratio of 0.81.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.11. The company had revenue of $373.20 million during the quarter, compared to analysts’ expectations of $366.88 million. CONMED had a return on equity of 14.23% and a net margin of 3.42%.CONMED’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.34 EPS. On average, sell-side analysts forecast that CONMED Corporation will post 4.35 EPS 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.