Short Interest in CONMED Co. (NYSE:CNMD) Drops By 8.1%

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

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of CONMED by 1.1% in the first quarter. Vanguard Group Inc. now owns 3,456,834 shares of the company’s stock worth $276,823,000 after purchasing an additional 36,823 shares during the last quarter. Earnest Partners LLC increased its stake in CONMED by 18.9% in the 2nd quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock worth $195,386,000 after acquiring an additional 447,498 shares during the last quarter. Champlain Investment Partners LLC raised its holdings in shares of CONMED by 6.4% during the 3rd quarter. Champlain Investment Partners LLC now owns 1,367,650 shares of the company’s stock worth $98,361,000 after acquiring an additional 81,970 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of CONMED by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 693,400 shares of the company’s stock valued at $49,879,000 after acquiring an additional 8,274 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C grew its holdings in shares of CONMED by 86.7% in the second quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock valued at $43,759,000 after purchasing an additional 293,099 shares in the last quarter.

CONMED Price Performance

NYSE:CNMD traded up $0.81 during trading hours on Tuesday, hitting $71.58. 35,482 shares of the stock traded hands, compared to its average volume of 487,379. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 16.81, a price-to-earnings-growth ratio of 0.93 and a beta of 1.45. CONMED has a 1 year low of $61.05 and a 1 year high of $117.27. The stock has a 50 day moving average price of $69.70 and a 200 day moving average price of $70.40. The company has a quick ratio of 1.06, a current ratio of 2.27 and a debt-to-equity ratio of 1.01.

CONMED (NYSE:CNMD) last released 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 return on equity of 13.84% and a net margin of 10.23%. The firm had revenue of $316.70 million during the quarter, compared to analysts’ expectations of $318.46 million. Sell-side analysts forecast that CONMED will post 4.03 EPS for the current fiscal year.

CONMED Company Profile

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.