CI Investments Inc. Sells 16,225 Shares of CONMED Corporation $CNMD

CI Investments Inc. decreased its stake in shares of CONMED Corporation (NYSE:CNMD) by 15.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 91,970 shares of the company’s stock after selling 16,225 shares during the quarter. CI Investments Inc.’s holdings in CONMED were worth $4,325,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of CNMD. Tributary Capital Management LLC acquired a new stake in CONMED in the third quarter worth $19,549,000. Vanguard Group Inc. grew its stake in shares of CONMED by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 3,610,906 shares of the company’s stock valued at $169,821,000 after buying an additional 62,917 shares during the period. SG Americas Securities LLC grew its stake in shares of CONMED by 3,041.3% in the 3rd 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. Villanova Investment Management Co LLC bought a new stake in CONMED in the 3rd quarter valued at about $2,763,000. Finally, Envestnet Asset Management Inc. boosted its holdings in CONMED by 31.9% in the third quarter. Envestnet Asset Management Inc. now owns 168,380 shares of the company’s stock worth $7,919,000 after acquiring an additional 40,697 shares in the last quarter.

CONMED Price Performance

Shares of NYSE:CNMD opened at $42.99 on Thursday. The company has a current ratio of 2.14, a quick ratio of 1.01 and a debt-to-equity ratio of 0.81. The stock has a market cap of $1.33 billion, a PE ratio of 28.47, a price-to-earnings-growth ratio of 1.91 and a beta of 0.91. The stock’s fifty day simple moving average is $42.07 and its two-hundred day simple moving average is $45.00. CONMED Corporation has a 1-year low of $35.37 and a 1-year high of $64.87.

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

Analysts Set New Price Targets

CNMD has been the subject of several recent research reports. Piper Sandler decreased their price objective on CONMED from $68.00 to $55.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Wall Street Zen upgraded shares of CONMED from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Zacks Research upgraded shares of CONMED from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Wells Fargo & Company lifted their price objective on shares of CONMED from $41.00 to $42.00 and gave the company an “equal weight” rating in a report on Thursday, January 29th. 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. According to MarketBeat, CONMED has an average rating of “Hold” and an average target price of $52.83.

About CONMED

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.