Millrace Asset Group Inc. Takes Position in CONMED Co. (NYSE:CNMD)

Millrace Asset Group Inc. bought a new stake in shares of CONMED Co. (NYSE:CNMD - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 23,145 shares of the company's stock, valued at approximately $1,665,000. CONMED accounts for 1.7% of Millrace Asset Group Inc.'s investment portfolio, making the stock its 25th biggest position. Millrace Asset Group Inc. owned 0.07% of CONMED at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of CNMD. Earnest Partners LLC lifted 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 worth $195,386,000 after buying an additional 447,498 shares in the last quarter. Deerfield Management Company L.P. Series C increased 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. Cooke & Bieler LP raised its holdings 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 acquiring an additional 209,064 shares in the last quarter. M&G Plc acquired a new stake in CONMED during the second quarter valued at $9,117,000. Finally, Confluence Investment Management LLC increased its position in CONMED by 188.9% in the 3rd quarter. Confluence Investment Management LLC now owns 146,942 shares of the company's stock worth $10,568,000 after purchasing an additional 96,081 shares during the last quarter.

CONMED Stock Performance

NYSE:CNMD traded down $3.66 during midday trading on Tuesday, reaching $73.88. The stock had a trading volume of 404,768 shares, compared to its average volume of 486,720. The stock has a market capitalization of $2.28 billion, a P/E ratio of 17.55, a PEG ratio of 0.96 and a beta of 1.45. 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 Co. has a 1-year low of $61.05 and a 1-year high of $117.27. The firm's fifty day simple moving average is $69.58 and its 200-day simple moving average is $70.49.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. StockNews.com lowered CONMED from a "buy" rating to a "hold" rating in a report on Friday, November 8th. Stifel Nicolaus decreased their target price on shares of CONMED from $88.00 to $76.00 and set a "buy" rating for the company in a research report on Thursday, August 1st. Needham & Company LLC restated a "buy" rating and set a $97.00 price target on shares of CONMED in a research note on Thursday, October 31st. Piper Sandler reduced their price objective on shares of CONMED from $95.00 to $80.00 and set an "overweight" rating for the company in a research note on Thursday, August 1st. Finally, Wells Fargo & Company cut their target price on CONMED from $77.00 to $71.00 and set an "equal weight" rating on the stock in a report 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $79.80.

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.