Motivation for Putnam (soft question)

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This question may be too specific and too vague. But I'm curious about this. How highly are the applicants evaluated in PhD admission if they were ranked above the cutoff of honorable-mention in Putnam, especially compared with the undergrads who did well (e.g. published a paper) in mathematical research? I think grad schools want the students who excelled at research over those who excelled at the competition.