Fifth Third Bancorp Acquires 58,801 Shares of CONMED Corporation $CNMD

Key Points

• Fifth Third Bancorp boosted its stake in CONMED by 497.4% in the first quarter, buying 58,801 additional shares and bringing its total holdings to 70,623 shares worth about $2.5 million.
• CONMED reported better-than-expected quarterly earnings of $0.89 per share, topping estimates, while revenue came in at $317.05 million, slightly above forecasts but down 1.3% year over year.
• Despite the earnings beat, analysts remain cautious: CONMED’s consensus rating is “Reduce” with an average price target of $38.80, below the stock’s reported opening price of $41.90.

Fifth Third Bancorp increased its stake in CONMED Corporation (NYSE:CNMD - Free Report) by 497.4% during the first quarter, according to its most recent filing with the SEC. The fund owned 70,623 shares of the company's stock after buying an additional 58,801 shares during the quarter. Fifth Third Bancorp owned 0.23% of CONMED worth $2,497,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in CNMD. HB Wealth Management LLC raised its position in CONMED by 4.0% in the first quarter. HB Wealth Management LLC now owns 16,620 shares of the company's stock worth $588,000 after acquiring an additional 636 shares during the period. New York State Teachers Retirement System increased its stake in shares of CONMED by 3.5% during the 1st quarter. New York State Teachers Retirement System now owns 47,170 shares of the company's stock worth $1,668,000 after purchasing an additional 1,578 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of CONMED by 14.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 5,952 shares of the company's stock worth $210,000 after purchasing an additional 750 shares during the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of CONMED in the 1st quarter worth approximately $484,000. Finally, Blue Trust Inc. lifted its stake in CONMED by 60.8% in the first quarter. Blue Trust Inc. now owns 6,187 shares of the company's stock valued at $219,000 after purchasing an additional 2,340 shares during the last quarter.

CONMED Price Performance

CONMED stock opened at $41.90 on Wednesday. The firm has a market capitalization of $1.26 billion, a P/E ratio of 23.67, a PEG ratio of 3.21 and a beta of 0.93. CONMED Corporation has a one year low of $31.44 and a one year high of $56.63. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.29 and a quick ratio of 1.04. The business has a fifty day moving average price of $36.09 and a 200-day moving average price of $38.37.

CONMED (NYSE:CNMD - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.82 by $0.07. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The company had revenue of $317.05 million for the quarter, compared to analyst estimates of $310.64 million. During the same period in the previous year, the company posted $0.95 EPS. The firm's revenue for the quarter was down 1.3% compared to the same quarter last year. As a group, equities research analysts forecast that CONMED Corporation will post 4.38 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on CNMD shares. Needham & Company LLC reissued a "hold" rating on shares of CONMED in a research report on Monday, July 13th. Wells Fargo & Company set a $39.00 price target on CONMED in a research report on Monday, July 13th. JPMorgan Chase & Co. cut their price target on CONMED from $43.00 to $40.00 and set a "neutral" rating for the company in a research note on Thursday, April 30th. Zacks Research lowered CONMED from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Finally, BMO Capital Markets initiated coverage on CONMED in a research note on Wednesday, July 8th. They issued a "market perform" rating and a $36.00 price objective on the stock. Five equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, CONMED presently has an average rating of "Reduce" and a consensus price target of $38.80.

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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