Is CONMED Corporation (CNMD) a Good Stock to Buy?

Due to the fact that CONMED Corporation (NASDAQ:CNMD) has witnessed bearish sentiment from the aggregate hedge fund industry, logic holds that there were a few funds that elected to cut their entire stakes last quarter. At the top of the heap, Steve Cohen’s Point72 Asset Management dumped the largest investment of all the hedgies followed by Insider Monkey, totaling about $13.6 million in stock. Scott Lawrence Swid’s fund, SLS Management, also dumped its stock, about $4.6 million worth.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as CONMED Corporation (NASDAQ:CNMD) but similarly valued. We will take a look at Multi-Color Corporation (NASDAQ:LABL), Orion Engineered Carbons SA (NYSE:OEC), Momo Inc (ADR) (NASDAQ:MOMO), and Adeptus Health Inc (NYSE:ADPT). This group of stocks’ market valuations match CNMD’s market valuation.

As you can see these stocks had an average of 13 funds with bullish positions and the average amount invested in these stocks was $146 million, versus $206 million in CNMD’s case. Momo Inc (ADR) (NASDAQ:MOMO) is the most popular stock in this table. On the other hand Multi-Color Corporation (NASDAQ:LABL) is the least popular one with only seven funds holding shares. CONMED Corporation (NASDAQ:CNMD) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard Momo Inc (ADR) (NASDAQ:MOMO) might be a better candidate to consider taking a long position in.

Disclosure: none