CONMED (NYSE:CNMD) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of CONMED (NYSE:CNMD) to a hold rating in a report released on Wednesday morning,Zacks.com reports.

CNMD has been the topic of several other research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of CONMED in a research report on Thursday, January 29th. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a report on Wednesday, January 21st. Bank of America decreased their price objective on CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a report on Monday, December 8th. Zacks Research upgraded CONMED from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Finally, Piper Sandler downgraded CONMED from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $55.00 to $39.00 in a report on Tuesday. Seven analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $50.17.

CONMED Stock Performance

NYSE CNMD opened at $35.97 on Wednesday. The stock has a market cap of $1.11 billion, a PE ratio of 23.82, a P/E/G ratio of 1.62 and a beta of 0.91. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 2.14. The firm has a 50-day moving average of $41.17 and a 200-day moving average of $43.72. CONMED has a 52-week low of $35.37 and a 52-week high of $61.25.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.11. The business had revenue of $373.20 million for the quarter, compared to analyst estimates of $366.88 million. CONMED had a net margin of 3.42% and a return on equity of 14.23%. CONMED’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.34 EPS. On average, sell-side analysts anticipate that CONMED will post 4.35 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Kestra Advisory Services LLC bought a new position in shares of CONMED in the fourth quarter worth about $26,000. Kelleher Financial Advisors acquired a new stake in shares of CONMED in the 3rd quarter valued at approximately $28,000. Aster Capital Management DIFC Ltd grew its holdings in shares of CONMED by 409.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock valued at $29,000 after purchasing an additional 581 shares during the last quarter. Quarry LP increased its position in CONMED by 244.8% during the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after purchasing an additional 617 shares in the last quarter. Finally, Huntington National Bank increased its position in CONMED by 111.8% during the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock worth $42,000 after purchasing an additional 466 shares in the last quarter.

CONMED Company Profile

CONMED Corporation (NYSE: CNMD) is a global medical technology company headquartered in Utica, New York. Founded in 1970, CONMED develops, manufactures and markets a broad portfolio of surgical devices and accessories for minimally invasive procedures. The company’s product line supports surgeons and healthcare providers in specialties including orthopedics, general surgery, gastroenterology and gynecology.

CONMED operates two principal segments: Orthopedics, and Visualization & Energy.