Invenomic Capital Management LP Takes Position in CONMED Corporation $CNMD

Invenomic Capital Management LP bought a new position in shares of CONMED Corporation (NYSE:CNMD) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 420,003 shares of the company’s stock, valued at approximately $19,753,000. Invenomic Capital Management LP owned approximately 1.36% of CONMED at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CNMD. Kelleher Financial Advisors purchased a new position in shares of CONMED in the 3rd quarter valued at about $28,000. Huntington National Bank grew its holdings in CONMED by 111.8% during the 3rd 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. State of Wyoming acquired a new stake in shares of CONMED in the 3rd quarter valued at $52,000. GAMMA Investing LLC lifted its position 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 purchasing an additional 228 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in CONMED in the third quarter valued at $167,000.

CONMED Price Performance

Shares of NYSE CNMD opened at $37.30 on Monday. 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 company has a market cap of $1.15 billion, a PE ratio of 24.70, a P/E/G ratio of 1.64 and a beta of 0.91. The stock has a fifty day moving average price of $41.81 and a 200 day moving average price of $44.18. CONMED Corporation has a 1-year low of $35.37 and a 1-year high of $62.41.

CONMED (NYSE:CNMD) last issued its earnings results 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 for the quarter, compared to analyst estimates of $366.88 million. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The business’s revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.34 EPS. Sell-side analysts forecast that CONMED Corporation will post 4.35 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CNMD shares. Wall Street Zen upgraded CONMED from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Zacks Research raised shares of CONMED from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Needham & Company LLC restated a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Wells Fargo & Company lifted their price target on shares of CONMED from $41.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 29th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, CONMED currently has a consensus rating of “Hold” and a consensus target price of $52.83.

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.