Wedge Capital Management L L P NC Buys 71,282 Shares of CONMED Corporation $CNMD

Key Points

• Wedge Capital Management boosted its CONMED stake by 165.2% in Q4, buying 71,282 shares to hold 114,437 shares (about 0.37% of the company) valued at roughly $4.65 million.
• Analyst sentiment is mixed-to-negative — Piper Sandler cut CONMED to "neutral" and trimmed its price target to $39, and MarketBeat cites a consensus rating of "Reduce" with an average target of $50.17.
• CONMED slightly beat Q4 expectations with $1.43 EPS vs $1.32 est. and $373.2M in revenue (up 7.9% y/y); the stock trades near $34.63 and the company has a market cap of about $1.07 billion.

Wedge Capital Management L L P NC lifted its position in shares of CONMED Corporation (NYSE:CNMD - Free Report) by 165.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 114,437 shares of the company's stock after purchasing an additional 71,282 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.37% of CONMED worth $4,646,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. AQR Capital Management LLC lifted its holdings in CONMED by 19.9% during the 1st quarter. AQR Capital Management LLC now owns 14,199 shares of the company's stock worth $857,000 after buying an additional 2,357 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in CONMED by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company's stock valued at $1,108,000 after purchasing an additional 800 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of CONMED by 5.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 82,686 shares of the company's stock valued at $4,993,000 after purchasing an additional 4,565 shares during the last quarter. Intech Investment Management LLC raised its position in CONMED by 34.6% during the 1st quarter. Intech Investment Management LLC now owns 22,505 shares of the company's stock worth $1,359,000 after purchasing an additional 5,780 shares during the last quarter. Finally, Creative Planning bought a new position in shares of CONMED during the second quarter worth about $310,000.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Piper Sandler cut shares of CONMED from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. Weiss Ratings restated a "sell (d+)" rating on shares of CONMED in a research note on Wednesday, January 21st. Wells Fargo & Company raised shares of CONMED to a "hold" rating in a report on Wednesday, March 18th. Wall Street Zen upgraded shares of CONMED from a "buy" rating to a "strong-buy" rating in a research report on Sunday. Finally, Needham & Company LLC reissued a "hold" rating on shares of CONMED in a report on Thursday, January 29th. Seven investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus target price of $50.17.

CONMED Stock Up 0.2%

Shares of CONMED stock opened at $34.63 on Monday. CONMED Corporation has a 1 year low of $34.54 and a 1 year high of $61.13. The company has a 50-day moving average of $40.62 and a 200 day moving average of $42.96. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of 22.94, a PEG ratio of 1.52 and a beta of 0.91. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.14 and a quick ratio of 1.01.

CONMED (NYSE:CNMD - Get Free Report) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.32 by $0.11. The company had revenue of $373.20 million during the quarter, compared to the consensus estimate of $366.88 million. CONMED had a return on equity of 14.23% and a net margin of 3.42%.CONMED's revenue for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the company earned $1.34 EPS. As a group, sell-side analysts anticipate that CONMED Corporation will post 4.35 earnings per share 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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