Confluence Investment Management LLC Buys 96,081 Shares of CONMED Co. (NYSE:CNMD)

Confluence Investment Management LLC lifted its stake in CONMED Co. (NYSE:CNMD - Free Report) by 188.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 146,942 shares of the company's stock after buying an additional 96,081 shares during the period. Confluence Investment Management LLC owned about 0.48% of CONMED worth $10,568,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CNMD. Vanguard Group Inc. increased its stake 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 valued at $276,823,000 after buying an additional 36,823 shares in the last quarter. Earnest Partners LLC increased its position in CONMED by 18.9% in the 2nd quarter. Earnest Partners LLC now owns 2,818,606 shares of the company's stock valued at $195,386,000 after acquiring an additional 447,498 shares in the last quarter. Champlain Investment Partners LLC raised its stake in shares of CONMED by 36.1% in the first quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company's stock worth $104,349,000 after acquiring an additional 345,735 shares during the last quarter. Deerfield Management Company L.P. Series C raised its stake 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 worth $43,759,000 after acquiring an additional 293,099 shares during the last quarter. Finally, Cooke & Bieler LP lifted its position in shares of CONMED by 49.8% during the second quarter. Cooke & Bieler LP now owns 628,621 shares of the company's stock worth $43,576,000 after purchasing an additional 209,064 shares in the last quarter.

Analyst Ratings Changes

Several research analysts recently weighed in on CNMD shares. Needham & Company LLC restated a "buy" rating and issued a $97.00 price objective on shares of CONMED in a research report on Thursday, October 31st. Piper Sandler lowered their price objective on CONMED from $95.00 to $80.00 and set an "overweight" rating for the company in a research report on Thursday, August 1st. StockNews.com downgraded shares of CONMED from a "buy" rating to a "hold" rating in a research report on Friday. Stifel Nicolaus reduced 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. Finally, Wells Fargo & Company dropped their price target on shares of 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 investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, CONMED has an average rating of "Moderate Buy" and a consensus target price of $79.80.

CONMED Trading Down 1.8 %

NYSE:CNMD traded down $1.33 during mid-day trading on Friday, hitting $73.43. The company had a trading volume of 464,114 shares, compared to its average volume of 445,614. The firm has a market cap of $2.27 billion, a P/E ratio of 17.44, a P/E/G ratio of 0.97 and a beta of 1.45. CONMED Co. has a fifty-two week low of $61.05 and a fifty-two week high of $117.27. The business's fifty day moving average is $69.63 and its two-hundred day moving average is $70.13. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.06 and a current ratio of 2.27.

CONMED (NYSE:CNMD - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.06. The business had revenue of $316.70 million for the quarter, compared to analyst estimates of $318.46 million. CONMED had a net margin of 10.23% and a return on equity of 13.84%. As a group, research analysts expect that CONMED Co. will post 4.03 earnings per share for the current year.

CONMED 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.