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

CONMED Co. (NYSE:CNMD) saw a large drop in short interest in 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 presently 5.7 days.

CONMED Stock Up 1.1 %

CONMED stock traded up $0.81 on Tuesday, hitting $71.58. 35,482 shares of the stock traded hands, compared to its average volume of 487,379. The business’s fifty day simple moving average is $69.70 and its 200 day simple moving average is $70.40. The firm has a market cap of $2.21 billion, a P/E ratio of 16.81, a price-to-earnings-growth ratio of 0.93 and a beta of 1.45. The company has a current ratio of 2.27, a quick ratio of 1.06 and a debt-to-equity ratio of 1.01. CONMED has a 1 year low of $61.05 and a 1 year high of $117.27.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $1.05 EPS 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, sell-side analysts forecast that CONMED will post 4.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CNMD. Stifel Nicolaus decreased their price target on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Wells Fargo & Company cut their price target on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Needham & Company LLC restated a “buy” rating and issued a $97.00 price objective on shares of CONMED in a report on Thursday, October 31st. StockNews.com cut shares of CONMED from a “buy” rating to a “hold” rating in a research report on Friday, November 8th. Finally, Piper Sandler reduced their price target on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.80.

Institutional Trading of CONMED

Several hedge funds and other institutional investors have recently made changes to their positions in CNMD. Vanguard Group Inc. boosted its holdings in 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 acquiring an additional 36,823 shares in the last quarter. Earnest Partners LLC increased its holdings 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. Champlain Investment Partners LLC raised its position in CONMED by 6.4% in the 3rd quarter. Champlain Investment Partners LLC now owns 1,367,650 shares of the company’s stock worth $98,361,000 after buying an additional 81,970 shares during the last quarter. Geode Capital Management LLC lifted its stake in 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 period. Finally, Deerfield Management Company L.P. Series C grew 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 period.

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.