Millennium Management LLC Sells 14,939,417 Shares of Enovis Corporation $ENOV

Key Points

• Millennium Management LLC significantly reduced its stake in Enovis Corporation by 96.6%, selling over 14 million shares and retaining approximately 0.93% of the company worth $20 million.
• Various institutional investors, including Vanguard Group and Victory Capital Management, have increased their positions in Enovis, with Vanguard raising its stake by 11.3% in the same quarter.
• Analysts have lowered price targets for Enovis, with Wells Fargo reducing its target from $48.00 to $41.00, although six analysts maintain a "Buy" rating with an average target of $51.00.

Millennium Management LLC decreased its holdings in shares of Enovis Corporation (NYSE:ENOV - Free Report) by 96.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 533,167 shares of the company's stock after selling 14,939,417 shares during the period. Millennium Management LLC owned approximately 0.93% of Enovis worth $20,372,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in ENOV. Nuveen Asset Management LLC raised its position in shares of Enovis by 0.8% during the 4th quarter. Nuveen Asset Management LLC now owns 219,989 shares of the company's stock valued at $9,653,000 after acquiring an additional 1,678 shares during the last quarter. Nomura Holdings Inc. acquired a new position in shares of Enovis in the 4th quarter valued at $330,000. Point72 Asset Management L.P. acquired a new position in shares of Enovis in the 4th quarter valued at $2,789,000. Royal Bank of Canada grew its holdings in shares of Enovis by 25.0% in the 4th quarter. Royal Bank of Canada now owns 707,361 shares of the company's stock valued at $31,038,000 after buying an additional 141,517 shares during the period. Finally, Southeastern Asset Management Inc. TN grew its holdings in shares of Enovis by 60.6% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 36,583 shares of the company's stock valued at $1,605,000 after buying an additional 13,797 shares during the period. Institutional investors own 98.45% of the company's stock.

Analyst Upgrades and Downgrades

ENOV has been the subject of a number of research analyst reports. Canaccord Genuity Group reduced their target price on shares of Enovis from $70.00 to $58.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Wells Fargo & Company reduced their target price on shares of Enovis from $48.00 to $41.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. UBS Group reduced their target price on shares of Enovis from $65.00 to $57.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Evercore ISI reduced their target price on shares of Enovis from $48.00 to $46.00 and set an "outperform" rating for the company in a research note on Tuesday, July 8th. Finally, Needham & Company LLC reduced their target price on shares of Enovis from $57.00 to $49.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $51.00.

Enovis Stock Performance

Shares of ENOV stock traded up $1.06 on Thursday, reaching $33.19. The stock had a trading volume of 1,100,607 shares, compared to its average volume of 959,572. The company has a quick ratio of 1.15, a current ratio of 2.25 and a debt-to-equity ratio of 0.53. The firm's 50-day moving average is $29.68 and its two-hundred day moving average is $32.60. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of -2.33 and a beta of 1.68. Enovis Corporation has a 12 month low of $25.47 and a 12 month high of $49.83.

Enovis (NYSE:ENOV - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.05. The company had revenue of $564.50 million for the quarter, compared to analysts' expectations of $555.80 million. Enovis had a negative net margin of 37.80% and a positive return on equity of 6.78%. Enovis's quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.62 EPS. Enovis has set its FY 2025 guidance at 3.050-3.200 EPS. On average, research analysts expect that Enovis Corporation will post 2.79 EPS for the current fiscal year.

Insider Activity

In other news, SVP Bradley J. Tandy bought 3,200 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were bought at an average cost of $31.41 per share, with a total value of $100,512.00. Following the acquisition, the senior vice president owned 43,515 shares in the company, valued at $1,366,806.15. This trade represents a 7.94% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Phillip Benjamin (Ben) Berry bought 2,500 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was purchased at an average cost of $29.71 per share, for a total transaction of $74,275.00. Following the completion of the acquisition, the chief financial officer owned 116,729 shares in the company, valued at $3,468,018.59. This trade represents a 2.19% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 12,157 shares of company stock valued at $374,760. 2.70% of the stock is owned by company insiders.

About Enovis

Enovis Corporation operates as a medical technology company focus on developing clinically differentiated solutions worldwide. It also manufactures and distributes medical devices which are used for reconstructive surgery, rehabilitation, pain management, and physical therapy. The company operates through Prevention and Recovery, and Reconstructive segments.