CONMED Co. (NYSE:CNMD) Short Interest Update

CONMED Co. (NYSE:CNMD) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 2,260,000 shares, a decline of 8.1% from the October 15th total of 2,460,000 shares. Based on an average daily volume of 399,200 shares, the days-to-cover ratio is presently 5.7 days.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CNMD shares. Stifel Nicolaus lowered their target price on shares of CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. StockNews.com lowered shares of CONMED from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $97.00 price objective on shares of CONMED in a research report on Thursday, October 31st. Piper Sandler cut their target price on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Finally, Wells Fargo & Company lowered their price objective on CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CONMED currently has an average rating of “Moderate Buy” and an average price target of $79.80.

CONMED Stock Down 2.0 %

Shares of CNMD stock traded down $1.47 during mid-day trading on Monday, hitting $70.77. 410,711 shares of the stock traded hands, compared to its average volume of 489,406. The stock’s fifty day moving average is $69.72 and its two-hundred day moving average is $70.39. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.27 and a quick ratio of 1.06. CONMED has a 52-week low of $61.05 and a 52-week high of $117.27. The stock has a market cap of $2.19 billion, a P/E ratio of 16.96, a P/E/G ratio of 0.93 and a beta of 1.45.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.06. CONMED had a net margin of 10.23% and a return on equity of 13.84%. The business had revenue of $316.70 million for the quarter, compared to analyst estimates of $318.46 million. Equities analysts predict that CONMED will post 4.03 EPS for the current year.

Hedge Funds Weigh In On CONMED

Several hedge funds have recently bought and sold shares of the company. Arizona State Retirement System boosted its stake in CONMED by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 8,619 shares of the company’s stock worth $597,000 after purchasing an additional 168 shares during the period. Hilltop National Bank grew its position in shares of CONMED by 31.0% in the second quarter. Hilltop National Bank now owns 825 shares of the company’s stock valued at $57,000 after purchasing an additional 195 shares during the period. Diversified Trust Co boosted its stake in CONMED by 2.4% in the 2nd quarter. Diversified Trust Co now owns 11,250 shares of the company’s stock worth $780,000 after buying an additional 259 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of CONMED by 4.1% in the third quarter. HighTower Advisors LLC now owns 7,056 shares of the company’s stock worth $512,000 after acquiring an additional 275 shares during the last quarter. Finally, QRG Capital Management Inc. raised its position in shares of CONMED by 5.0% in the 3rd quarter. QRG Capital Management Inc. now owns 5,827 shares of the company’s stock worth $419,000 after buying an additional 280 shares during the period.

About CONMED

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.