Mountain Pacific Investment Advisers LLC Trims Stake in CONMED Corporation $CNMD

Mountain Pacific Investment Advisers LLC reduced its stake in CONMED Corporation (NYSE:CNMD) by 80.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 27,764 shares of the company’s stock after selling 112,031 shares during the quarter. Mountain Pacific Investment Advisers LLC’s holdings in CONMED were worth $1,306,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Geode Capital Management LLC increased its position in CONMED by 2.8% in the second quarter. Geode Capital Management LLC now owns 734,529 shares of the company’s stock worth $38,259,000 after buying an additional 19,944 shares in the last quarter. Tributary Capital Management LLC purchased a new stake in CONMED in the 3rd quarter worth approximately $19,549,000. Allspring Global Investments Holdings LLC raised its stake in CONMED by 8.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 281,816 shares of the company’s stock worth $13,290,000 after acquiring an additional 22,330 shares during the period. Invesco Ltd. lifted its holdings in CONMED by 4.7% during the second quarter. Invesco Ltd. now owns 129,963 shares of the company’s stock valued at $6,768,000 after purchasing an additional 5,807 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its position in shares of CONMED by 7.7% in the second quarter. Public Sector Pension Investment Board now owns 105,513 shares of the company’s stock worth $5,495,000 after purchasing an additional 7,530 shares during the period.

CONMED Stock Down 0.1%

Shares of NYSE CNMD opened at $41.56 on Thursday. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 20.27, a price-to-earnings-growth ratio of 1.87 and a beta of 0.96. The company’s 50-day simple moving average is $41.62 and its 200-day simple moving average is $46.91. The company has a quick ratio of 0.95, a current ratio of 2.10 and a debt-to-equity ratio of 0.85. CONMED Corporation has a 52-week low of $38.32 and a 52-week high of $74.70.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, November 5th. The company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.03. CONMED had a net margin of 4.75% and a return on equity of 14.22%. The firm had revenue of $337.93 million during the quarter, compared to the consensus estimate of $334.76 million. During the same quarter in the prior year, the firm earned $1.05 EPS. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. CONMED has set its FY 2025 guidance at 4.480-4.530 EPS. Equities analysts predict that CONMED Corporation will post 4.35 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on CNMD shares. Piper Sandler decreased their price objective on shares of CONMED from $68.00 to $55.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Wells Fargo & Company lowered their price objective on CONMED from $57.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, October 8th. Zacks Research downgraded CONMED from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 1st. Finally, JPMorgan Chase & Co. dropped their price target on CONMED from $58.00 to $52.00 and set a “neutral” rating for the company in a research note on Thursday, November 6th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $53.67.

About CONMED

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.