Is CONMED Corporation (CNMD) A Good Stock To Buy?

As one would reasonably expect, key hedge funds were breaking ground themselves. Millennium Management, managed by Israel Englander, initiated the biggest position in CONMED Corporation (NASDAQ:CNMD). Millennium Management had $1.1 million invested in the company at the end of the quarter. Renaissance Technologies also initiated a $1 million position during the quarter. The following funds were also among the new CONMED Corporation (NASDAQ:CNMD) investors: Paul Marshall and Ian Wace’s Marshall Wace LLP, Peter Muller’s PDT Partners, and Paul Tudor Jones’ Tudor Investment Corp.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as CONMED Corporation (NASDAQ:CNMD) but similarly valued. These stocks are Brink’S Co (NYSE:BCO), RealPage, Inc. (NASDAQ:RP), Drew Industries, Inc. (NYSE:DW), and Renasant Corp. (NASDAQ:RNST). All of these stocks’ market caps are closest to CONMED Corporation (NASDAQ:CNMD)’s market cap.

As you can see, these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $200 million. That figure was $249 million in CONMED Corporation (NASDAQ:CNMD)’s case. Brink’S Company (NYSE:BCO) is the most popular stock in this table. On the other hand, Renasant Corp. (NASDAQ:RNST) is the least popular one with only 10 bullish hedge fund positions. Compared to these stocks, CONMED Corporation (NASDAQ:CNMD) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.