Tributary Capital Management LLC Invests $19.55 Million in CONMED Corporation $CNMD

Tributary Capital Management LLC purchased a new stake in shares of CONMED Corporation (NYSE:CNMD) during the third quarter, HoldingsChannel reports. The institutional investor purchased 415,672 shares of the company’s stock, valued at approximately $19,549,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CNMD. Keeler Thomas Management LLC purchased a new position in CONMED in the 2nd quarter worth about $1,081,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of CONMED during the 2nd quarter valued at about $659,000. Nordea Investment Management AB grew its stake in shares of CONMED by 0.7% in the second quarter. Nordea Investment Management AB now owns 75,441 shares of the company’s stock worth $3,948,000 after acquiring an additional 520 shares during the period. Aurora Investment Counsel raised its holdings in shares of CONMED by 39.3% during the second quarter. Aurora Investment Counsel now owns 24,580 shares of the company’s stock valued at $1,280,000 after purchasing an additional 6,930 shares during the last quarter. Finally, Ninety One UK Ltd purchased a new position in shares of CONMED during the second quarter valued at approximately $1,002,000.

Analyst Ratings Changes

Several brokerages recently issued reports on CNMD. Weiss Ratings restated a “sell (d+)” rating on shares of CONMED in a report on Wednesday, October 8th. JPMorgan Chase & Co. lowered their price target on CONMED from $58.00 to $52.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Bank of America cut their price objective on CONMED from $65.00 to $52.00 and set a “neutral” rating for the company in a report on Monday, December 8th. Zacks Research cut CONMED from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 1st. Finally, Piper Sandler lowered their target price on CONMED from $68.00 to $55.00 and set an “overweight” rating on the stock 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 issued a Sell rating to the stock. According to MarketBeat, CONMED currently has an average rating of “Reduce” and an average target price of $53.67.

CONMED Stock Performance

Shares of CNMD opened at $43.42 on Thursday. The business has a 50-day simple moving average of $42.08 and a two-hundred day simple moving average of $47.67. 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. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of 21.18, a PEG ratio of 2.87 and a beta of 0.96.

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