CONMED Co. (NYSE:CNMD) Sees Significant Decrease in Short Interest

CONMED Co. (NYSE:CNMD) was the target of a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 3,040,000 shares, a drop of 6.5% from the August 31st total of 3,250,000 shares. Based on an average daily trading volume, of 420,400 shares, the days-to-cover ratio is presently 7.2 days.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new position in shares of CONMED during the 2nd quarter valued at about $913,000. Clearbridge Investments LLC increased its stake in shares of CONMED by 23.4% during the 2nd quarter. Clearbridge Investments LLC now owns 421,465 shares of the company’s stock valued at $29,216,000 after acquiring an additional 80,025 shares during the last quarter. Creative Planning increased its stake in shares of CONMED by 83.6% during the 2nd quarter. Creative Planning now owns 7,136 shares of the company’s stock valued at $495,000 after acquiring an additional 3,250 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of CONMED by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,171 shares of the company’s stock valued at $1,190,000 after acquiring an additional 1,154 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C increased its stake in shares of CONMED by 86.7% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock valued at $43,759,000 after acquiring an additional 293,099 shares during the last quarter.

Analyst Ratings Changes

Several analysts have recently commented on the company. Needham & Company LLC reduced their price target on CONMED from $106.00 to $97.00 and set a “buy” rating for the company in a report on Thursday, August 1st. StockNews.com raised CONMED from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Wells Fargo & Company reduced their price objective on CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Stifel Nicolaus reduced their price objective on CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Finally, Piper Sandler reduced their price objective on CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.80.

CONMED Trading Up 1.2 %

Shares of CNMD stock opened at $74.76 on Monday. The firm has a 50-day moving average price of $71.15 and a 200 day moving average price of $72.20. CONMED has a twelve month low of $61.05 and a twelve month high of $117.27. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of 28.64, a PEG ratio of 0.98 and a beta of 1.46. The company has a current ratio of 2.34, a quick ratio of 1.13 and a debt-to-equity ratio of 1.09.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.06. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The firm had revenue of $332.10 million during the quarter, compared to the consensus estimate of $334.39 million. During the same quarter in the previous year, the company posted $0.83 EPS. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. Research analysts forecast that CONMED will post 3.99 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 16th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.07%. The ex-dividend date is Monday, September 16th. CONMED’s payout ratio is 30.65%.

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.