Comerica Bank Raises Position in CONMED Corporation $CNMD

Comerica Bank grew its holdings in CONMED Corporation (NYSE:CNMD) by 83.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 56,271 shares of the company’s stock after buying an additional 25,533 shares during the quarter. Comerica Bank’s holdings in CONMED were worth $2,285,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Tributary Capital Management LLC purchased a new stake in CONMED during the 3rd quarter worth about $19,549,000. SG Americas Securities LLC boosted its stake in shares of CONMED by 3,041.3% in the 3rd quarter. SG Americas Securities LLC now owns 63,894 shares of the company’s stock valued at $3,005,000 after buying an additional 61,860 shares during the period. Envestnet Asset Management Inc. grew its position in shares of CONMED by 31.9% during the third quarter. Envestnet Asset Management Inc. now owns 168,380 shares of the company’s stock worth $7,919,000 after buying an additional 40,697 shares in the last quarter. Wedge Capital Management L L P NC grew its position in shares of CONMED by 165.2% during the fourth quarter. Wedge Capital Management L L P NC now owns 114,437 shares of the company’s stock worth $4,646,000 after buying an additional 71,282 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in shares of CONMED by 9.3% during the third quarter. Fisher Asset Management LLC now owns 397,046 shares of the company’s stock worth $18,673,000 after buying an additional 33,725 shares during the period.

CONMED Price Performance

CNMD stock opened at $36.61 on Wednesday. The business has a 50 day moving average price of $38.46 and a 200 day moving average price of $41.04. The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 20.68, a PEG ratio of 1.61 and a beta of 0.94. CONMED Corporation has a fifty-two week low of $33.21 and a fifty-two week high of $61.08.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, beating the consensus estimate 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 net margin of 4.00% and a return on equity of 13.84%. The firm’s revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 earnings per share. Equities research analysts anticipate that CONMED Corporation will post 4.37 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Wells Fargo & Company reduced their target price 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. JPMorgan Chase & Co. dropped their price objective on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Wall Street Zen lowered shares of CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday. 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. Finally, Zacks Research upgraded shares of CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Six investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, CONMED presently has an average rating of “Reduce” and an average target price of $46.20.

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.