CONMED Corporation $CNMD Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its CONMED stake by 57.6% in the first quarter, selling 1.9 million shares and retaining 1.4 million shares worth approximately $49.6 million.
• CONMED reported quarterly EPS of $1.38, exceeding estimates of $1.11, while revenue reached $343.5 million versus the $337.6 million consensus; full-year 2026 EPS guidance is $4.48–$4.60.
• Despite the earnings beat, analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and an average price target of $41.40, below its reported $49.61 trading price.

Bank of America Corp DE lowered its position in CONMED Corporation (NYSE:CNMD - Free Report) by 57.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,402,620 shares of the company's stock after selling 1,902,908 shares during the period. Bank of America Corp DE owned about 4.66% of CONMED worth $49,597,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of CONMED by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 3,684,439 shares of the company's stock valued at $149,588,000 after buying an additional 73,533 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in CONMED by 6.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,392,920 shares of the company's stock valued at $49,250,000 after purchasing an additional 80,116 shares in the last quarter. Wasatch Advisors LP purchased a new position in CONMED during the third quarter valued at $47,026,000. Cooke & Bieler LP grew 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 valued at $35,233,000 after purchasing an additional 163,494 shares during the period. Finally, Deerfield Management Company L.P. grew its position in shares of 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 during the period.

CONMED Trading Up 0.3%

Shares of CNMD stock opened at $49.61 on Wednesday. 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 $1.49 billion, a P/E ratio of 26.82, a price-to-earnings-growth ratio of 2.26 and a beta of 0.88. The company has a 50 day moving average price of $39.28 and a 200 day moving average price of $38.86. CONMED Corporation has a fifty-two week low of $31.44 and a fifty-two week high of $56.63.

CONMED (NYSE:CNMD - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.11 by $0.27. CONMED had a return on equity of 14.31% and a net margin of 4.12%.The firm had revenue of $343.49 million during the quarter, compared to analysts' expectations of $337.60 million. During the same period in the previous year, the firm posted $1.15 EPS. CONMED's revenue for the quarter was up .3% on a year-over-year basis. CONMED has set its FY 2026 guidance at 4.480-4.600 EPS. Equities research analysts predict that CONMED Corporation will post 4.54 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CNMD shares. Piper Sandler restated a "neutral" rating and set a $45.00 price target (up from $39.00) on shares of CONMED in a research report on Thursday, July 30th. BMO Capital Markets began coverage on CONMED in a research note on Wednesday, July 8th. They set a "market perform" rating and a $36.00 price objective for the company. Needham & Company LLC reissued a "hold" rating on shares of CONMED in a report on Monday, July 13th. JPMorgan Chase & Co. decreased their target price on CONMED from $43.00 to $40.00 and set a "neutral" rating on the stock in a research report on Thursday, April 30th. Finally, Wall Street Zen raised CONMED from a "hold" rating to a "buy" rating in a research note on Monday, July 20th. Five investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $41.40.

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.

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