Pacific Capital Partners Ltd Sells 19,498 Shares of CONMED Corporation $CNMD

Pacific Capital Partners Ltd trimmed its holdings in shares of CONMED Corporation (NYSE:CNMD) by 32.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 41,500 shares of the company’s stock after selling 19,498 shares during the period. CONMED makes up approximately 2.2% of Pacific Capital Partners Ltd’s holdings, making the stock its 20th largest position. Pacific Capital Partners Ltd’s holdings in CONMED were worth $1,952,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. CWM LLC increased its position in CONMED by 352.0% during the 2nd quarter. CWM LLC now owns 791 shares of the company’s stock valued at $41,000 after buying an additional 616 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of CONMED in the second quarter worth $48,000. Hilltop National Bank purchased a new stake in shares of CONMED in the second quarter worth $55,000. GAMMA Investing LLC increased its holdings in shares of CONMED by 17.1% during the second quarter. GAMMA Investing LLC now owns 1,542 shares of the company’s stock valued at $80,000 after acquiring an additional 225 shares in the last quarter. Finally, iSAM Funds UK Ltd purchased a new position in shares of CONMED in the 2nd quarter worth about $215,000.

Analyst Ratings Changes

Several brokerages recently commented on CNMD. JPMorgan Chase & Co. cut their price objective on shares of CONMED from $58.00 to $52.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of CONMED in a report on Wednesday, October 8th. Zacks Research lowered shares of CONMED from a “hold” rating to a “strong sell” rating in a report on Thursday, January 1st. Bank of America lowered their price objective on CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a research report on Monday, December 8th. Finally, Piper Sandler reduced their target price on CONMED from $68.00 to $55.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $53.67.

CONMED Price Performance

NYSE CNMD opened at $40.07 on Wednesday. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 19.55, a PEG ratio of 2.87 and a beta of 0.96. CONMED Corporation has a 1-year low of $38.32 and a 1-year high of $74.70. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.10 and a quick ratio of 0.95. The business’s fifty day moving average price is $41.91 and its 200-day moving average price is $47.37.

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

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.