Versor Investments LP Buys New Stake in CONMED Co. (NYSE:CNMD)

Versor Investments LP purchased a new stake in shares of CONMED Co. (NYSE:CNMD) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 8,706 shares of the company’s stock, valued at approximately $626,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atria Investments Inc increased its position in shares of CONMED by 28.9% in the third quarter. Atria Investments Inc now owns 14,216 shares of the company’s stock valued at $1,022,000 after buying an additional 3,189 shares in the last quarter. Confluence Investment Management LLC increased its holdings in CONMED by 188.9% in the 3rd quarter. Confluence Investment Management LLC now owns 146,942 shares of the company’s stock worth $10,568,000 after acquiring an additional 96,081 shares in the last quarter. Principal Financial Group Inc. increased its holdings in CONMED by 4.2% in the 3rd quarter. Principal Financial Group Inc. now owns 620,715 shares of the company’s stock worth $44,631,000 after acquiring an additional 25,047 shares in the last quarter. QRG Capital Management Inc. raised its position in CONMED by 5.0% during the third quarter. QRG Capital Management Inc. now owns 5,827 shares of the company’s stock worth $419,000 after acquiring an additional 280 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in CONMED by 75.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 154,446 shares of the company’s stock valued at $11,108,000 after purchasing an additional 66,347 shares in the last quarter.

CONMED Price Performance

CNMD stock opened at $75.62 on Thursday. CONMED Co. has a 1 year low of $61.05 and a 1 year high of $117.27. The firm has a market capitalization of $2.34 billion, a PE ratio of 17.96, a price-to-earnings-growth ratio of 0.96 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. The business has a 50 day simple moving average of $69.82 and a 200-day simple moving average of $70.32.

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. StockNews.com downgraded shares of CONMED from a “buy” rating to a “hold” rating in a research report on Friday, November 8th. Stifel Nicolaus reduced their target price on CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $97.00 price target on shares of CONMED in a research note on Thursday, October 31st. Wells Fargo & Company reduced their price objective on CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Finally, Piper Sandler lowered their target price 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. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $79.80.

CONMED 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.