291,203 Shares in CONMED Corporation $CNMD Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 291,203 CONMED shares worth approximately $9.5 million, representing about 0.97% of the medical-device company.
• Several institutional investors increased their CONMED holdings, including AQR Capital Management, UBS Asset Management and Intech Investment Management; Creative Planning also initiated a new position.
• CONMED beat quarterly earnings expectations, reporting $1.38 in EPS versus the $1.11 consensus and $343.5 million in revenue. Despite the results, analysts maintain a cautious outlook, with a consensus “Reduce” rating and a $41.40 price target.

Bank of New York Mellon Corp bought a new position in shares of CONMED Corporation (NYSE:CNMD - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 291,203 shares of the company's stock, valued at approximately $9,531,000. Bank of New York Mellon Corp owned approximately 0.97% of CONMED as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its stake in shares of CONMED by 19.9% in the first 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of CONMED by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company's stock worth $1,108,000 after acquiring an additional 800 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of 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 acquiring an additional 4,565 shares in the last quarter. Intech Investment Management LLC raised its stake in shares of CONMED by 34.6% in the first quarter. Intech Investment Management LLC now owns 22,505 shares of the company's stock valued at $1,359,000 after acquiring an additional 5,780 shares in the last quarter. Finally, Creative Planning purchased a new position in CONMED in the second quarter valued at $310,000.

Analysts Set New Price Targets

CNMD has been the topic of several recent research reports. Weiss Ratings upgraded CONMED from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, August 5th. Piper Sandler reiterated a "neutral" rating and issued a $45.00 price objective (up from $39.00) on shares of CONMED in a research note on Thursday, July 30th. Zacks Research raised CONMED from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 11th. Bank of America reaffirmed an "underperform" rating and issued a $40.00 target price on shares of CONMED in a report on Monday, June 29th. Finally, Wells Fargo & Company boosted their price target on shares of CONMED from $39.00 to $46.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Six investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $41.40.

CONMED Trading Up 1.0%

NYSE CNMD opened at $49.59 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.69 and a current ratio of 1.48. The firm has a market cap of $1.49 billion, a PE ratio of 26.80, a P/E/G ratio of 2.24 and a beta of 0.90. CONMED Corporation has a one year low of $31.44 and a one year high of $56.63. The firm's fifty day moving average is $44.40 and its two-hundred day moving average is $39.96.

CONMED (NYSE:CNMD - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.27. CONMED had a net margin of 4.12% and a return on equity of 14.31%. The business had revenue of $343.49 million during the quarter, compared to the consensus estimate of $337.60 million. During the same quarter in the prior year, the firm earned $1.15 earnings per share. The business's quarterly revenue was up .3% compared to the same quarter last year. CONMED has set its FY 2026 guidance at 4.480-4.600 EPS. Analysts expect that CONMED Corporation will post 4.54 earnings per share for the current year.

CONMED Company 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.

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