CONMED Corporation $CNMD Stake Reduced by Cooke & Bieler LP

Key Points

• Cooke & Bieler LP cut its CONMED position by 5.6% in the third quarter, selling 31,890 shares and retaining 541,608 shares valued at approximately $25 million, or 1.81% of the company.
• Other institutional investors made significant moves, including new stakes purchased by BlackRock and Bank of America, while Dimensional Fund Advisors and Allspring Global Investments increased their holdings.
• Analyst sentiment remains cautious: six analysts rate CONMED a Hold and two rate it Sell, producing an average “Reduce” rating and a $41.40 target price, below the reported share price of $47.08.

Cooke & Bieler LP reduced its holdings in CONMED Corporation (NYSE:CNMD - Free Report) by 5.6% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 541,608 shares of the company's stock after selling 31,890 shares during the quarter. Cooke & Bieler LP owned 1.81% of CONMED worth $25,039,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of CONMED during the 2nd quarter valued at about $157,783,000. Dimensional Fund Advisors LP increased its position in shares of CONMED by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,392,920 shares of the company's stock worth $49,250,000 after purchasing an additional 80,116 shares during the last quarter. Bank of America Corp DE bought a new position in shares of CONMED in the second quarter worth approximately $43,904,000. Allspring Global Investments Holdings LLC raised its stake in CONMED by 39.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 582,733 shares of the company's stock valued at $20,705,000 after purchasing an additional 166,301 shares in the last quarter. Finally, Paradigm Capital Management Inc. NY purchased a new stake in CONMED in the second quarter valued at approximately $17,617,000.

Analysts Set New Price Targets

A number of research firms have commented on CNMD. BMO Capital Markets initiated coverage on shares of CONMED in a research note on Wednesday, July 8th. They issued a "market perform" rating and a $36.00 price target for the company. Wall Street Zen raised shares of CONMED from a "hold" rating to a "buy" rating in a report on Monday, July 20th. Weiss Ratings cut shares of CONMED from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, October 6th. Wells Fargo & Company raised their price objective on shares of CONMED from $39.00 to $46.00 and gave the company an "equal weight" rating in a research report on Thursday, July 30th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of CONMED in a report on Monday, July 13th. Six equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Reduce" and an average target price of $41.40.

CONMED Price Performance

Shares of CONMED stock opened at $47.08 on Thursday. The company has a current ratio of 1.48, a quick ratio of 0.69 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $1.41 billion, a PE ratio of 25.45, a price-to-earnings-growth ratio of 2.17 and a beta of 0.94. The business's 50-day moving average price is $47.49 and its 200-day moving average price is $41.53. CONMED Corporation has a 12 month low of $31.44 and a 12 month high of $53.66.

CONMED (NYSE:CNMD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $1.38 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.27. The company had revenue of $343.49 million for the quarter, compared to analysts' expectations of $337.60 million. CONMED had a return on equity of 14.31% and a net margin of 4.12%. CONMED's revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the firm posted $1.15 EPS. CONMED has set its FY 2026 guidance at 4.480-4.600 EPS. Sell-side analysts forecast that CONMED Corporation will post 4.54 EPS for the current fiscal year.

CONMED Profile

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

The company's orthopedic portfolio includes arthroscopy systems, powered surgical instruments, sports medicine products, tissue ablation systems, implants, and related accessories. Its general surgery offerings include electrosurgical equipment, insufflation systems, smoke evacuation products, surgical visualization technologies, and devices used in minimally invasive procedures.

Founded in 1970, CONMED serves healthcare customers through direct sales and distribution channels in the United States and international markets.

Want to see what other hedge funds are holding CNMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CONMED Corporation (NYSE:CNMD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.