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

Jefferies Financial Group Inc. reduced its stake in shares of CONMED Corporation (NYSE:CNMD) by 99.6% in the fourth quarter, according to its most recent filing with the SEC. The fund 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 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CNMD. Vanguard Group Inc. increased its position in shares of CONMED by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 3,684,439 shares of the company’s stock valued at $149,588,000 after acquiring an additional 73,533 shares during the period. Dimensional Fund Advisors LP increased its position in shares of CONMED by 19.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,296,776 shares of the company’s stock valued at $60,984,000 after acquiring an additional 214,126 shares during the period. Wasatch Advisors LP purchased a new position in shares of CONMED in the third quarter valued at about $47,026,000. Deerfield Management Company L.P. increased its position in shares of CONMED by 8.6% in the third quarter. Deerfield Management Company L.P. now owns 760,196 shares of the company’s stock valued at $35,752,000 after acquiring an additional 59,925 shares during the period. Finally, Invenomic Capital Management LP purchased a new position in shares of CONMED in the third quarter valued at about $19,753,000.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CNMD shares. Zacks Research upgraded shares of CONMED from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Bank of America decreased their price objective on shares of CONMED from $52.00 to $40.00 and set a “neutral” rating on the stock in a research report on Monday, May 18th. Wells Fargo & Company decreased their price objective on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Piper Sandler cut shares of CONMED from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $55.00 to $39.00 in a research report on Tuesday, March 17th. Finally, Wall Street Zen cut shares of CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Six analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $43.80.

CONMED Trading Down 3.1%

NYSE:CNMD opened at $34.60 on Tuesday. CONMED Corporation has a one year low of $33.21 and a one year high of $60.35. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.29 and a quick ratio of 1.04. The company’s 50-day simple moving average is $36.62 and its 200 day simple moving average is $39.75. The firm has a market capitalization of $1.04 billion, a P/E ratio of 19.55, a PEG ratio of 1.60 and a beta of 0.94.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.82 by $0.07. CONMED had a net margin of 4.00% and a return on equity of 13.84%. The business had revenue of $317.05 million for the quarter, compared to analyst estimates of $310.64 million. During the same quarter in the previous year, the firm posted $0.95 earnings per share. CONMED’s quarterly revenue was down 1.3% on a year-over-year basis. As a group, analysts forecast that CONMED Corporation will post 4.38 EPS for the current fiscal year.

CONMED 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.