CONMED Co. (NYSE:CNMD) Short Interest Down 8.1% in October

CONMED Co. (NYSE:CNMD) was the recipient of a significant decrease in short interest in October. As of October 31st, there was short interest totalling 2,260,000 shares, a decrease of 8.1% from the October 15th total of 2,460,000 shares. Based on an average daily volume of 399,200 shares, the short-interest ratio is presently 5.7 days.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CNMD. Wells Fargo & Company decreased their price target on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Stifel Nicolaus reduced their price objective on shares of CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $97.00 price objective on shares of CONMED in a research note on Thursday, October 31st. Piper Sandler reduced their price objective on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Finally, StockNews.com cut shares of CONMED from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $79.80.

Hedge Funds Weigh In On CONMED

A number of hedge funds have recently bought and sold shares of the company. Earnest Partners LLC grew its holdings in CONMED by 18.9% during the 2nd quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock valued at $195,386,000 after buying an additional 447,498 shares in the last quarter. Champlain Investment Partners LLC grew its stake in CONMED by 36.1% in the first quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company’s stock valued at $104,349,000 after purchasing an additional 345,735 shares during the last quarter. Clearbridge Investments LLC purchased a new position in CONMED in the first quarter valued at about $27,343,000. Deerfield Management Company L.P. Series C grew its stake in CONMED by 86.7% in the second quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock valued at $43,759,000 after purchasing an additional 293,099 shares during the last quarter. Finally, Cooke & Bieler LP grew its stake in shares of CONMED by 49.8% during the second quarter. Cooke & Bieler LP now owns 628,621 shares of the company’s stock worth $43,576,000 after acquiring an additional 209,064 shares during the last quarter.

CONMED Stock Down 2.0 %

Shares of CNMD stock traded down $1.47 on Monday, hitting $70.77. The stock had a trading volume of 410,711 shares, compared to its average volume of 489,406. The business has a 50 day moving average of $69.70 and a 200 day moving average of $70.40. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 16.81, a price-to-earnings-growth ratio of 0.93 and a beta of 1.45. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.27 and a quick ratio of 1.06. CONMED has a 12-month low of $61.05 and a 12-month high of $117.27.

CONMED (NYSE:CNMD) last issued its earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.06. CONMED had a net margin of 10.23% and a return on equity of 13.84%. The firm had revenue of $316.70 million during the quarter, compared to analyst estimates of $318.46 million. As a group, analysts expect that CONMED will post 4.03 EPS for the current year.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.