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CONMED Co. (NYSE:CNMD) Sees Large Growth in Short Interest

Financial News Live · Aug 3, 2022 19:41

CONMED Co. (NYSE:CNMD – Get Rating) saw a significant increase in short interest in the month of July. As of July 15th, there was short interest totalling 2,800,000 shares, an increase of 20.7% from the June 30th total of 2,320,000 shares. Based on an average daily trading volume, of 490,000 shares, the short-interest ratio is currently 5.7 days.

Insider Activity

In other news, Director Jerome J. Lande sold 1,521 shares of the stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $117.00, for a total value of $177,957.00. Following the completion of the sale, the director now owns 2,407 shares of the company's stock, valued at $281,619. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Jerome J. Lande sold 1,521 shares of the stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $117.00, for a total value of $177,957.00. Following the completion of the sale, the director now owns 2,407 shares of the company's stock, valued at $281,619. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Todd W. Garner sold 2,662 shares of the stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $99.79, for a total value of $265,640.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,183 shares of company stock valued at $1,136,118. Company insiders own 1.10% of the company's stock.

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Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Parkside Financial Bank & Trust lifted its holdings in shares of CONMED by 113.2% in the fourth quarter. Parkside Financial Bank & Trust now owns 194 shares of the company's stock valued at $28,000 after purchasing an additional 103 shares in the last quarter. Confluence Wealth Services Inc. bought a new stake in CONMED during the fourth quarter worth $32,000. Fifth Third Bancorp lifted its holdings in CONMED by 42.4% during the fourth quarter. Fifth Third Bancorp now owns 252 shares of the company's stock worth $36,000 after acquiring an additional 75 shares during the period. CWM LLC lifted its holdings in CONMED by 258.7% during the second quarter. CWM LLC now owns 513 shares of the company's stock worth $49,000 after acquiring an additional 370 shares during the period. Finally, Advisor Partners LLC bought a new stake in CONMED during the first quarter worth $202,000.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CNMD shares. Piper Sandler decreased their target price on CONMED from $160.00 to $118.00 and set an "overweight" rating for the company in a research note on Thursday, July 28th. Needham & Company LLC reaffirmed a "maintains" rating on shares of CONMED in a research note on Tuesday. Stifel Nicolaus decreased their target price on CONMED from $160.00 to $110.00 and set a "buy" rating for the company in a research note on Thursday, June 23rd. Finally, TheStreet cut CONMED from a "b-" rating to a "c+" rating in a research note on Tuesday, June 21st. One research analyst has rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $118.33.

CONMED Stock Up 1.6 %

CONMED stock traded up $1.61 during mid-day trading on Wednesday, reaching $100.07. The stock had a trading volume of 325,957 shares, compared to its average volume of 371,741. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.16 and a current ratio of 2.34. CONMED has a fifty-two week low of $87.24 and a fifty-two week high of $159.11. The stock's 50-day simple moving average is $100.05 and its 200-day simple moving average is $123.81. The firm has a market capitalization of $3.05 billion, a PE ratio of 51.61, a price-to-earnings-growth ratio of 3.19 and a beta of 1.53.

CONMED (NYSE:CNMD – Get Rating) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.76 EPS for the quarter, beating analysts' consensus estimates of $0.75 by $0.01. CONMED had a return on equity of 13.20% and a net margin of 6.19%. The firm had revenue of $277.20 million during the quarter, compared to analysts' expectations of $274.22 million. During the same quarter last year, the firm posted $0.71 earnings per share. The company's revenue for the quarter was up 8.6% compared to the same quarter last year. On average, sell-side analysts forecast that CONMED will post 3.7 EPS for the current fiscal year.

CONMED Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 5th. Stockholders of record on Wednesday, June 15th were issued a $0.20 dividend. The ex-dividend date was Tuesday, June 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.80%. CONMED's dividend payout ratio is presently 41.24%.

CONMED Company Profile

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CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. It offers orthopedic surgery products, including TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and PopLok Knotless Suture Anchors, which provide unique clinical solutions to orthopedic surgeons for the repair of soft tissue injuries, as well as supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.