Pacific Capital Partners Ltd Reduces Stake in CONMED Corporation $CNMD

Pacific Capital Partners Ltd decreased its holdings in shares of CONMED Corporation (NYSE:CNMD) by 77.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,500 shares of the company’s stock after selling 32,000 shares during the quarter. Pacific Capital Partners Ltd’s holdings in CONMED were worth $386,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CNMD. Kelleher Financial Advisors purchased a new position in CONMED in the third quarter valued at approximately $28,000. Quarry LP lifted its position in shares of CONMED by 244.8% during the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after buying an additional 617 shares during the last quarter. Huntington National Bank lifted its position in shares of CONMED by 111.8% during the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock worth $42,000 after buying an additional 466 shares during the last quarter. State of Wyoming acquired a new position in shares of CONMED in the 3rd quarter valued at $52,000. Finally, GAMMA Investing LLC grew its position in shares of CONMED by 14.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,770 shares of the company’s stock valued at $83,000 after buying an additional 228 shares during the last quarter.

CONMED Stock Down 3.2%

CNMD stock opened at $33.48 on Tuesday. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 22.17, a price-to-earnings-growth ratio of 1.52 and a beta of 0.91. The company has a fifty day moving average price of $40.46 and a 200 day moving average price of $42.81. 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 Corporation has a 12 month low of $33.21 and a 12 month high of $61.13.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.11. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The company had revenue of $373.20 million for the quarter, compared to analyst estimates of $366.88 million. During the same period in the previous year, the business posted $1.34 earnings per share. CONMED’s quarterly revenue was up 7.9% on a year-over-year basis. Sell-side analysts expect that CONMED Corporation will post 4.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Zacks Research upgraded shares of CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Wall Street Zen raised CONMED from a “buy” rating to a “strong-buy” rating in a report on Sunday. Needham & Company LLC reiterated a “hold” rating on shares of CONMED in a research report on Thursday, January 29th. Piper Sandler downgraded CONMED from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $55.00 to $39.00 in a report on Tuesday, March 17th. Finally, Bank of America dropped their price target on CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a research note 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 MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $50.17.

CONMED Company 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.