143,008 Shares in CONMED Corporation $CNMD Bought by Pacer Advisors Inc.

Pacer Advisors Inc. purchased a new position in CONMED Corporation (NYSE:CNMD) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 143,008 shares of the company’s stock, valued at approximately $5,806,000.

Other institutional investors have also recently made changes to their positions in the company. Invesco Ltd. raised its holdings in shares of CONMED by 29.9% during the fourth quarter. Invesco Ltd. now owns 184,070 shares of the company’s stock valued at $7,473,000 after purchasing an additional 42,395 shares during the period. State of Tennessee Department of Treasury increased its position in CONMED by 4.3% in the 4th quarter. State of Tennessee Department of Treasury now owns 21,139 shares of the company’s stock valued at $812,000 after buying an additional 873 shares in the last quarter. VARCOV Co. bought a new stake in CONMED in the 4th quarter valued at about $1,007,000. Voloridge Investment Management LLC raised its stake in CONMED by 92.6% during the 4th quarter. Voloridge Investment Management LLC now owns 210,193 shares of the company’s stock worth $8,534,000 after buying an additional 101,052 shares during the period. Finally, Susquehanna Portfolio Strategies LLC bought a new position in CONMED in the fourth quarter worth approximately $1,517,000.

CONMED Stock Performance

Shares of CNMD opened at $32.50 on Tuesday. The firm has a market capitalization of $978.64 million, a P/E ratio of 18.36, a P/E/G ratio of 1.60 and a beta of 0.92. CONMED Corporation has a 52 week low of $31.44 and a 52 week high of $56.63. The stock has a 50 day moving average price of $36.20 and a two-hundred day moving average price of $38.83. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 2.29.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.07. The company had revenue of $317.05 million for the quarter, compared to analyst estimates of $310.64 million. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The company’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter last year, the company earned $0.95 earnings per share. Equities analysts forecast that CONMED Corporation will post 4.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on CNMD shares. Piper Sandler cut CONMED from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $55.00 to $39.00 in a research note on Tuesday, March 17th. Weiss Ratings reiterated a “sell (d)” rating on shares of CONMED in a report on Thursday, June 4th. Bank of America reduced their price target on shares of CONMED from $52.00 to $40.00 and set a “neutral” rating for the company in a research report on Monday, May 18th. JPMorgan Chase & Co. decreased their price target on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Finally, Wells Fargo & Company lowered their price objective on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. Six research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $39.50.

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.