Tudor Investment Corp ET AL Acquires 83,418 Shares of CONMED Corporation $CNMD

Key Points

• Tudor Investment Corp ET AL boosted its CONMED stake by 200.9%, buying 83,418 shares to hold 124,944 shares (about 0.40% of the company) valued at roughly $5.88 million.
• Analyst sentiment has softened: seven analysts rate CONMED a Hold and one a Sell, MarketBeat's consensus is Reduce with a $50.17 average price target, and firms like Piper Sandler and Bank of America recently cut ratings and price targets.
• CONMED recently beat estimates, reporting Q EPS of $1.43 versus $1.32 expected and revenue of $373.2M (up 7.9% year-over-year), while the stock trades around $36.51 with a 52-week range of $35.37–$61.25.

Tudor Investment Corp ET AL lifted its holdings in shares of CONMED Corporation (NYSE:CNMD - Free Report) by 200.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 124,944 shares of the company's stock after purchasing an additional 83,418 shares during the period. Tudor Investment Corp ET AL owned 0.40% of CONMED worth $5,876,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CNMD. GAMMA Investing LLC boosted its holdings in shares of CONMED by 14.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,770 shares of the company's stock worth $83,000 after buying an additional 228 shares in the last quarter. Amalgamated Bank increased its stake in shares of CONMED by 3.3% in the 3rd quarter. Amalgamated Bank now owns 9,129 shares of the company's stock valued at $429,000 after acquiring an additional 294 shares in the last quarter. Keeler Thomas Management LLC lifted its position in shares of CONMED by 1.6% during the 3rd quarter. Keeler Thomas Management LLC now owns 21,107 shares of the company's stock valued at $993,000 after acquiring an additional 342 shares during the period. California State Teachers Retirement System lifted its position in shares of CONMED by 1.6% during the 2nd quarter. California State Teachers Retirement System now owns 28,522 shares of the company's stock valued at $1,485,000 after acquiring an additional 442 shares during the period. Finally, Huntington National Bank boosted its stake in CONMED by 111.8% during the third quarter. Huntington National Bank now owns 883 shares of the company's stock worth $42,000 after acquiring an additional 466 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CNMD shares. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of CONMED in a research note on Wednesday, January 21st. Zacks Research raised shares of CONMED from a "strong sell" rating to a "hold" rating in a research report on Tuesday, February 3rd. Wall Street Zen lowered CONMED from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Piper Sandler downgraded CONMED from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $55.00 to $39.00 in a research note on Tuesday, March 17th. Finally, Bank of America decreased their price objective on CONMED from $65.00 to $52.00 and set a "neutral" rating for the company in a report on Monday, December 8th. Seven equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, CONMED presently has a consensus rating of "Reduce" and a consensus price target of $50.17.

CONMED Stock Performance

Shares of CNMD stock opened at $36.51 on Wednesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.14 and a quick ratio of 1.01. The firm has a 50-day moving average of $40.96 and a 200-day moving average of $43.33. CONMED Corporation has a one year low of $35.37 and a one year high of $61.25. The company has a market cap of $1.13 billion, a P/E ratio of 24.18, a P/E/G ratio of 1.61 and a beta of 0.91.

CONMED (NYSE:CNMD - Get Free Report) last released its quarterly earnings results on Wednesday, January 28th. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.11. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The business had revenue of $373.20 million for the quarter, compared to analysts' expectations of $366.88 million. During the same period in the previous year, the company earned $1.34 earnings per share. The firm's revenue for the quarter was up 7.9% compared to the same quarter last year. Equities research analysts forecast that CONMED Corporation will post 4.35 EPS for the current fiscal year.

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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