Bank of America Corp DE Acquires Shares of 1,341,409 CONMED Corporation $CNMD

Key Points

• Bank of America acquired 1.34 million CONMED shares worth approximately $43.9 million, giving it a 4.48% stake at the end of the second quarter.
• Analyst sentiment remains cautious: seven analysts rate CONMED “Hold” and one rates it “Sell,” resulting in a consensus “Reduce” rating and a $41.40 price target.
• CONMED’s latest quarterly results exceeded expectations, with EPS of $1.38 versus the $1.11 consensus and revenue of $343.5 million versus $337.6 million expected; shares opened at $44.84, down 1.3%.

Bank of America Corp DE bought a new stake in CONMED Corporation (NYSE:CNMD - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,341,409 shares of the company's stock, valued at approximately $43,904,000. Bank of America Corp DE owned about 4.48% of CONMED at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Rockefeller Capital Management L.P. grew its position in CONMED by 48.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company's stock valued at $42,000 after buying an additional 341 shares during the last quarter. Versant Capital Management Inc boosted its holdings in CONMED by 210.8% in the 2nd quarter. Versant Capital Management Inc now owns 1,125 shares of the company's stock valued at $37,000 after purchasing an additional 763 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new position in CONMED during the 4th quarter worth approximately $54,000. Allworth Financial LP acquired a new position in CONMED during the 2nd quarter worth approximately $47,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of CONMED by 29.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,085 shares of the company's stock worth $109,000 after buying an additional 703 shares in the last quarter.

Analyst Ratings Changes

CNMD has been the subject of a number of recent analyst reports. Wall Street Zen raised CONMED from a "hold" rating to a "buy" rating in a report on Monday, July 20th. Wells Fargo & Company upped their price target on shares of CONMED from $39.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 30th. Weiss Ratings raised CONMED from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday. Needham & Company LLC reaffirmed a "hold" rating on shares of CONMED in a research note on Monday, July 13th. Finally, Zacks Research upgraded CONMED from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 11th. Seven investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus target price of $41.40.

CONMED Stock Down 1.3%

CNMD stock opened at $44.84 on Tuesday. CONMED Corporation has a one year low of $31.44 and a one year high of $53.66. The company has a 50 day moving average price of $47.44 and a two-hundred day moving average price of $40.18. 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 stock has a market capitalization of $1.34 billion, a P/E ratio of 24.24, a PEG ratio of 2.07 and a beta of 0.90.

CONMED (NYSE:CNMD - Get Free Report) last released 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. The firm had revenue of $343.49 million for the quarter, compared to the consensus estimate of $337.60 million. CONMED had a return on equity of 14.31% and a net margin of 4.12%.The firm's revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.15 earnings per share. CONMED has set its FY 2026 guidance at 4.480-4.600 EPS. As a group, sell-side analysts expect that CONMED Corporation will post 4.54 EPS for the current year.

CONMED Company Profile

CONMED Corporation is a medical technology company that develops, manufactures and sells devices and equipment used in surgical procedures. Its products are designed primarily for orthopedic, general surgery and gastroenterology applications, supporting hospitals, ambulatory surgery centers and other healthcare providers.

The company's product portfolio includes arthroscopy systems and instruments, powered surgical tools, electrosurgical devices, smoke evacuation equipment, patient care products and endoscopic technologies.

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