CONMED Corporation (NASDAQ:CNMD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

According to Zacks, “Year-to-date, CONMED Corporation has outperformed the broader industry trends in terms of price performance. CONMED’s broad line of surgical products and several new devices including innovative sports medicine products, endo-mechanical offerings, a new electrosurgical council and the latest 2D Arthroscopy video system hold promise at the moment. With increased product offerings, the company can accelerate its top line in the quarters to come. On the flipside, foreign exchange movements have been unfavorably impacting the company’s results of late. Additionally, the company operates in a highly competitive environment which is likely to mar the top-line growth. Furthermore lower healthcare spending buoyed by the ongoing political conundrum in the U.S. healthcare space would mar CONMED’s top line.CONMED stock looks a tad overvalued at the moment.”

Several other research analysts have also recently commented on CNMD. BidaskClub cut shares of CONMED Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 5th. TheStreet upgraded shares of CONMED Corporation from a “c+” rating to a “b-” rating in a report on Thursday, August 3rd. Needham & Company LLC raised their target price on shares of CONMED Corporation from $54.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, July 27th. Finally, KeyCorp reiterated a “hold” rating on shares of CONMED Corporation in a report on Friday, August 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $52.50.

CONMED Corporation (NASDAQ:CNMD) traded up 1.18% during trading on Tuesday, hitting $52.30. 84,843 shares of the stock were exchanged. CONMED Corporation has a 12-month low of $38.62 and a 12-month high of $54.47. The firm has a market cap of $1.46 billion, a PE ratio of 93.56 and a beta of 0.68. The stock’s 50-day moving average price is $52.28 and its 200-day moving average price is $50.66.

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In other news, Director Jo Ann Golden sold 3,000 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $50.00, for a total value of $150,000.00. Following the completion of the sale, the director now directly owns 19,782 shares of the company’s stock, valued at $989,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.62% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of CNMD. Public Employees Retirement System of Ohio lifted its position in shares of CONMED Corporation by 3.3% in the second quarter. Public Employees Retirement System of Ohio now owns 2,022 shares of the medical technology company’s stock worth $103,000 after purchasing an additional 64 shares in the last quarter. SG Americas Securities LLC bought a new position in CONMED Corporation during the second quarter valued at approximately $111,000. Karp Capital Management Corp bought a new position in CONMED Corporation during the first quarter valued at approximately $202,000. Oppenheimer Asset Management Inc. bought a new position in CONMED Corporation during the first quarter valued at approximately $203,000. Finally, Pillar Pacific Capital Management LLC bought a new position in CONMED Corporation during the second quarter valued at approximately $229,000. 98.36% of the stock is owned by institutional investors and hedge funds.

CONMED Corporation Company Profile

CONMED Corporation is a medical technology company. The Company is engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. The Company provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.

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