Camber Capital Raises Exposure to CONMED Corporation (CNMD)

Stephen DuBois‘ Camber Capital has raised its holding in CONMED Corporation (NASDAQ:CNMD). The fund revealed holding almost 1.4 million shares of the company, up from 1.0 million disclosed in its latest 13F. Currently, Camber’s stake in Conmed amasses 5.02% of the company’s stock. At the current stock price of the company, the value of the activist stake, amounts to nearly $56.6 million.

The stock of Conmed has gained over 45% since the beginning of the year, sporting a P/E of 31.6. For the previous quarter, the company posted sales worth $179.3 million, and diluted EPS of $0.2, down from $0.32 a year ago. At the end of October, the company increased its quarterly dividend by 33% to $0.20 per share. The dividend will be payable January 6.

Among the hedge funds we track, Camber holds the largest position, followed by Cliff Asness‘ Aqr Capital Management, which owned some 301,700 shares at the end of September, down by 30% over the quarter. The value of Aqr’s stake amounts to $10.3 million. Conan Laughlin‘s North Tide Capital, disclosed in its latest 13F, holding around 239,600 shares, with a reported value of $8.1 million.

Camber Capital is a hedge fund with a strong focus on healthcare stocks. In the past couple of months, the fund reported initiating a 5.4% stake in Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA), which contains 10 million shares. Also, Camber disclosed in October holding a big stake in BIOLASE Inc (NASDAQ:BIOL), which contains 2.7 million shares, and is equal to 7.3% of common stock.

In the latest 13F, Stephen DuBois’ fund revealed the largest position in its equity portfolio involving Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA), in which the fund owns 2.0 million shares, worth $75.6 million, the stake surging by almost 170% over the quarter.

Disclosure: none

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