Sei Investments Co. Sells 113,320 Shares of CONMED Corporation $CNMD

Key Points

• Sei Investments reduced its CONMED holdings by 10.1%, selling 113,320 shares and retaining 1,004,715 shares valued at approximately $35.5 million, or 3.34% of the company.
• CONMED beat quarterly expectations with EPS of $0.89 versus the $0.82 consensus and revenue of $317.1 million, although revenue declined 1.3% year over year.
• Analyst sentiment remains cautious: CONMED has a consensus “Reduce” rating and a $38.80 price target, below its reported share price of $42.73.

Sei Investments Co. lowered its holdings in CONMED Corporation (NYSE:CNMD - Free Report) by 10.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,004,715 shares of the company's stock after selling 113,320 shares during the quarter. Sei Investments Co. owned 3.34% of CONMED worth $35,527,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in CNMD. Wasatch Advisors LP acquired a new position in shares of CONMED during the third quarter worth approximately $47,026,000. Invenomic Capital Management LP grew its stake in shares of CONMED by 75.6% in the fourth quarter. Invenomic Capital Management LP now owns 737,546 shares of the company's stock worth $29,944,000 after acquiring an additional 317,543 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of CONMED in the fourth quarter worth $9,029,000. Dimensional Fund Advisors LP increased its position in CONMED by 19.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,296,776 shares of the company's stock worth $60,984,000 after acquiring an additional 214,126 shares during the period. Finally, Millennium Management LLC bought a new position in CONMED during the third quarter worth $9,239,000.

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CONMED Stock Performance

Shares of NYSE CNMD opened at $42.73 on Monday. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 24.14, a PEG ratio of 3.16 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 business has a fifty day simple moving average of $36.47 and a 200 day simple moving average of $38.39. The company has a current ratio of 2.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85.

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

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Wall Street Zen raised shares of CONMED from a "hold" rating to a "buy" rating in a report on Monday, July 20th. Needham & Company LLC restated a "hold" rating on shares of CONMED in a report on Monday, July 13th. Bank of America reaffirmed an "underperform" rating and set a $40.00 price objective on shares of CONMED in a research report on Monday, June 29th. BMO Capital Markets started coverage on shares of CONMED in a research note on Wednesday, July 8th. They issued a "market perform" rating and a $36.00 target price for the company. Finally, 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. Five investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, CONMED currently has a consensus rating of "Reduce" and a consensus price target of $38.80.

CONMED Profile

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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