Capital Research Global Investors Reduces Position in CONMED Corporation $CNMD

Capital Research Global Investors lessened its holdings in shares of CONMED Corporation (NYSE:CNMD) by 10.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 925,448 shares of the company’s stock after selling 107,285 shares during the period. Capital Research Global Investors owned 2.99% of CONMED worth $37,573,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. WINTON GROUP Ltd grew its stake in CONMED by 0.3% during the 4th quarter. WINTON GROUP Ltd now owns 78,887 shares of the company’s stock valued at $3,203,000 after acquiring an additional 260 shares in the last quarter. California State Teachers Retirement System grew its stake in CONMED by 1.6% during the 2nd quarter. California State Teachers Retirement System now owns 28,522 shares of the company’s stock valued at $1,485,000 after acquiring an additional 442 shares in the last quarter. State of Wyoming grew its stake in CONMED by 41.3% during the 4th quarter. State of Wyoming now owns 1,567 shares of the company’s stock valued at $64,000 after acquiring an additional 458 shares in the last quarter. Huntington National Bank grew its stake in CONMED by 111.8% during the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock valued at $42,000 after acquiring an additional 466 shares in the last quarter. Finally, Kelleher Financial Advisors purchased a new stake in CONMED during the 3rd quarter valued at about $28,000.

CONMED Stock Performance

CONMED stock opened at $36.91 on Wednesday. The firm has a 50 day simple moving average of $36.44 and a 200-day simple moving average of $39.44. CONMED Corporation has a 1-year low of $32.13 and a 1-year high of $60.35. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.29 and a quick ratio of 1.04. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of 20.85, a price-to-earnings-growth ratio of 1.70 and a beta of 0.92.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.07. CONMED had a net margin of 4.00% and a return on equity of 13.84%. The business had revenue of $317.05 million during the quarter, compared to analysts’ expectations of $310.64 million. During the same quarter in the prior year, the company posted $0.95 EPS. The business’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, analysts expect that CONMED Corporation will post 4.38 EPS for the current year.

Analyst Upgrades and Downgrades

CNMD has been the subject of several research reports. Bank of America dropped their price objective on shares of CONMED from $52.00 to $40.00 and set a “neutral” rating for the company in a research note on Monday, May 18th. Wells Fargo & Company dropped their price objective on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. JPMorgan Chase & Co. dropped their price objective on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Piper Sandler cut shares of CONMED from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $55.00 to $39.00 in a research note on Tuesday, March 17th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of CONMED in a research note on Thursday, June 4th. Six research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $43.80.

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.