Pacer Advisors Inc. Invests $5.81 Million in CONMED Corporation $CNMD

Pacer Advisors Inc. acquired a new stake in CONMED Corporation (NYSE:CNMD) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 143,008 shares of the company’s stock, valued at approximately $5,806,000. Pacer Advisors Inc. owned 0.46% of CONMED at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in CONMED by 19.9% during the 1st quarter. AQR Capital Management LLC now owns 14,199 shares of the company’s stock worth $857,000 after acquiring an additional 2,357 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of CONMED by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company’s stock worth $1,108,000 after purchasing an additional 800 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in CONMED by 5.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 82,686 shares of the company’s stock valued at $4,993,000 after purchasing an additional 4,565 shares during the period. Intech Investment Management LLC raised its position in CONMED by 34.6% during the 1st quarter. Intech Investment Management LLC now owns 22,505 shares of the company’s stock worth $1,359,000 after purchasing an additional 5,780 shares during the last quarter. Finally, Creative Planning acquired a new position in CONMED during the 2nd quarter worth about $310,000.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (d)” rating on shares of CONMED in a research note on Thursday, June 4th. Bank of America reduced their target price on CONMED from $52.00 to $40.00 and set a “neutral” rating on the stock in a report on Monday, May 18th. Wall Street Zen downgraded shares of CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Piper Sandler lowered shares of CONMED from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $55.00 to $39.00 in a report on Tuesday, March 17th. Finally, Wells Fargo & Company dropped their price target on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Six analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $39.50.

CONMED Stock Performance

CNMD stock opened at $32.50 on Tuesday. The firm has a market cap of $978.64 million, a PE ratio of 18.36, a price-to-earnings-growth ratio of 1.60 and a beta of 0.92. The company has a current ratio of 2.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85. The stock has a 50-day moving average price of $36.20 and a 200-day moving average price of $38.83. CONMED Corporation has a 1-year low of $31.44 and a 1-year high of $56.63.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.82 by $0.07. The company had revenue of $317.05 million for the quarter, compared to analyst estimates of $310.64 million. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.95 EPS. As a group, equities research analysts expect that CONMED Corporation will post 4.38 earnings per share for the current year.

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.