Fifth Third Bancorp Purchases 58,801 Shares of CONMED Corporation $CNMD

Fifth Third Bancorp grew its position in shares of CONMED Corporation (NYSE:CNMD) by 497.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,623 shares of the company’s stock after purchasing an additional 58,801 shares during the period. Fifth Third Bancorp’s holdings in CONMED were worth $2,497,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in CONMED by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 3,684,439 shares of the company’s stock worth $149,588,000 after acquiring an additional 73,533 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of CONMED by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,312,804 shares of the company’s stock worth $53,301,000 after purchasing an additional 16,028 shares in the last quarter. Wasatch Advisors LP purchased a new position in shares of CONMED during the third quarter worth about $47,026,000. Cooke & Bieler LP increased its position in shares of CONMED by 23.2% in the fourth quarter. Cooke & Bieler LP now owns 867,817 shares of the company’s stock worth $35,233,000 after purchasing an additional 163,494 shares during the last quarter. Finally, Deerfield Management Company L.P. raised its stake in CONMED by 8.6% in the third quarter. Deerfield Management Company L.P. now owns 760,196 shares of the company’s stock valued at $35,752,000 after purchasing an additional 59,925 shares in the last quarter.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. BMO Capital Markets assumed coverage on shares of CONMED in a research report on Wednesday, July 8th. They set a “market perform” rating and a $36.00 target price for the company. Bank of America reissued an “underperform” rating and issued a $40.00 price target on shares of CONMED in a report on Monday, June 29th. Weiss Ratings restated a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Wells Fargo & Company set a $39.00 target price on shares of CONMED in a research report on Monday, July 13th. Finally, Needham & Company LLC restated a “hold” rating on shares of CONMED in a research report on Monday, July 13th. Five investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, CONMED currently has an average rating of “Reduce” and an average target price of $38.80.

CONMED Stock Performance

NYSE CNMD opened at $41.90 on Wednesday. The company has a 50-day simple moving average of $36.09 and a two-hundred day simple moving average of $38.37. CONMED Corporation has a 12-month low of $31.44 and a 12-month high of $56.63. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of 23.67, a PEG ratio of 3.21 and a beta of 0.93. The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.07. The company had revenue of $317.05 million during 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%.CONMED’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.95 EPS. On average, equities analysts forecast that CONMED Corporation will post 4.38 EPS 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.