Jefferies Financial Group Inc. Sells 1,290,473 Shares of CONMED Corporation $CNMD

Jefferies Financial Group Inc. decreased its stake in shares of CONMED Corporation (NYSE:CNMD) by 99.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,998 shares of the company’s stock after selling 1,290,473 shares during the period. Jefferies Financial Group Inc.’s holdings in CONMED were worth $203,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CNMD. Wasatch Advisors LP purchased a new stake in CONMED during the third quarter valued at approximately $47,026,000. Invenomic Capital Management LP purchased a new stake in CONMED during the third quarter valued at approximately $19,753,000. Dimensional Fund Advisors LP increased its holdings in CONMED by 19.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,296,776 shares of the company’s stock valued at $60,984,000 after buying an additional 214,126 shares during the last quarter. Millennium Management LLC purchased a new stake in CONMED during the third quarter valued at approximately $9,239,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in CONMED by 47.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 416,432 shares of the company’s stock valued at $16,874,000 after buying an additional 134,616 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have commented on CNMD shares. Wall Street Zen cut shares of CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Bank of America reduced their target price on shares of CONMED from $52.00 to $40.00 and set a “neutral” rating for the company in a report on Monday, May 18th. Zacks Research raised shares of CONMED from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Piper Sandler cut shares of 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, Wells Fargo & Company reduced their target price on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $43.80.

CONMED Stock Down 3.1%

Shares of CNMD stock opened at $34.60 on Tuesday. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 19.55, a PEG ratio of 1.60 and a beta of 0.94. CONMED Corporation has a one year low of $33.21 and a one year high of $60.35. The company’s fifty day moving average price is $36.62 and its 200-day moving average price is $39.75. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.29 and a quick ratio of 1.04.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.82 by $0.07. The firm had revenue of $317.05 million for the quarter, compared to the consensus estimate of $310.64 million. CONMED had a net margin of 4.00% and a return on equity of 13.84%. The company’s revenue was down 1.3% on a year-over-year basis. During the same period last year, the firm earned $0.95 EPS. Sell-side analysts expect that CONMED Corporation will post 4.38 EPS for the current fiscal year.

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.