Bank of America Issues Pessimistic Forecast for CONMED (NYSE:CNMD) Stock Price

CONMED (NYSE:CNMD) had its price objective cut by equities research analysts at Bank of America from $65.00 to $52.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price objective points to a potential upside of 33.66% from the stock’s previous close.

Several other research firms have also issued reports on CNMD. JPMorgan Chase & Co. reduced their price target on shares of CONMED from $58.00 to $52.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Piper Sandler cut their target price on CONMED from $68.00 to $55.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Wells Fargo & Company decreased their price target on CONMED from $57.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 6th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $53.67.

CONMED Stock Performance

CNMD opened at $38.91 on Monday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.95 and a current ratio of 2.10. CONMED has a 52-week low of $38.83 and a 52-week high of $76.34. The firm has a market cap of $1.20 billion, a P/E ratio of 18.98, a price-to-earnings-growth ratio of 1.34 and a beta of 0.98. The business’s fifty day moving average is $44.49 and its 200-day moving average is $49.84.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.03. The business had revenue of $337.93 million during the quarter, compared to analysts’ expectations of $334.76 million. CONMED had a net margin of 4.75% and a return on equity of 14.22%. CONMED’s revenue was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.05 earnings per share. CONMED has set its FY 2025 guidance at 4.480-4.530 EPS. Sell-side analysts expect that CONMED will post 4.35 EPS for the current fiscal year.

Insider Activity at CONMED

In other news, Director Charles Farkas sold 2,000 shares of CONMED stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $53.52, for a total transaction of $107,040.00. Following the sale, the director directly owned 14,859 shares of the company’s stock, valued at approximately $795,253.68. This trade represents a 11.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CONMED

Several hedge funds have recently added to or reduced their stakes in CNMD. Vanguard Group Inc. increased its position in CONMED by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 3,610,906 shares of the company’s stock valued at $169,821,000 after acquiring an additional 62,917 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of CONMED by 19.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,296,776 shares of the company’s stock worth $60,984,000 after purchasing an additional 214,126 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in CONMED by 36.1% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,174,032 shares of the company’s stock valued at $70,900,000 after purchasing an additional 311,288 shares during the period. Wasatch Advisors LP bought a new position in CONMED during the 3rd quarter worth $47,026,000. Finally, Deerfield Management Company L.P. raised its position in CONMED by 8.6% during the 3rd quarter. Deerfield Management Company L.P. now owns 760,196 shares of the company’s stock worth $35,752,000 after purchasing an additional 59,925 shares during the last quarter.

About CONMED

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.