Millrace Asset Group Inc. Purchases New Stake in CONMED Co. (NYSE:CNMD)

Millrace Asset Group Inc. acquired a new position in CONMED Co. (NYSE:CNMD) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 23,145 shares of the company’s stock, valued at approximately $1,665,000. CONMED accounts for about 1.7% of Millrace Asset Group Inc.’s portfolio, making the stock its 25th largest position. Millrace Asset Group Inc. owned 0.07% of CONMED as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Earnest Partners LLC grew its stake in shares of CONMED by 18.9% during the 2nd quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock worth $195,386,000 after acquiring an additional 447,498 shares during the period. Deerfield Management Company L.P. Series C boosted its position in CONMED by 86.7% during 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 purchasing an additional 293,099 shares during the period. Cooke & Bieler LP increased its stake in shares of CONMED by 49.8% in the second quarter. Cooke & Bieler LP now owns 628,621 shares of the company’s stock worth $43,576,000 after purchasing an additional 209,064 shares in the last quarter. M&G Plc bought a new stake in shares of CONMED in the second quarter valued at approximately $9,117,000. Finally, Confluence Investment Management LLC lifted its stake in shares of CONMED by 188.9% during the 3rd quarter. Confluence Investment Management LLC now owns 146,942 shares of the company’s stock valued at $10,568,000 after buying an additional 96,081 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CNMD shares. Needham & Company LLC reaffirmed a “buy” rating and set a $97.00 price objective on shares of CONMED in a research note on Thursday, October 31st. Piper Sandler decreased their price objective 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. Wells Fargo & Company dropped their target price on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. StockNews.com lowered shares of CONMED from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Finally, Stifel Nicolaus dropped their price objective on shares of CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $79.80.

CONMED Stock Up 3.8 %

Shares of NYSE:CNMD opened at $77.77 on Tuesday. The stock’s 50-day moving average is $69.58 and its 200 day moving average is $70.49. The company has a market cap of $2.40 billion, a PE ratio of 18.47, a P/E/G ratio of 0.96 and a beta of 1.45. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.27 and a quick ratio of 1.06. CONMED Co. has a 1 year low of $61.05 and a 1 year high of $117.27.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.06. CONMED had a net margin of 10.23% and a return on equity of 13.84%. The business had revenue of $316.70 million for the quarter, compared to analysts’ expectations of $318.46 million. Sell-side analysts anticipate that CONMED Co. will post 4.03 EPS for the current year.

CONMED 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.