CONMED (NYSE:CNMD) Lowered to Buy Rating by Wall Street Zen

CONMED (NYSE:CNMD) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Monday.

Other equities research analysts also recently issued research reports about the stock. Piper Sandler downgraded shares of CONMED from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $55.00 to $39.00 in a research note on Tuesday, March 17th. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a research note on Thursday, January 29th. Zacks Research upgraded shares of CONMED from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Bank of America decreased their target price on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a research report on Monday, December 8th. Finally, Wells Fargo & Company raised shares of CONMED to a “hold” rating in a report on Wednesday, March 18th. Seven research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $50.17.

CONMED Stock Performance

NYSE CNMD opened at $34.79 on Monday. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.14 and a quick ratio of 1.01. CONMED has a 1-year low of $33.21 and a 1-year high of $61.08. The business has a 50 day simple moving average of $39.93 and a two-hundred day simple moving average of $42.34. The stock has a market capitalization of $1.07 billion, a PE ratio of 23.04, a P/E/G ratio of 1.53 and a beta of 0.99.

CONMED (NYSE:CNMD) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.11. The business had revenue of $373.20 million for the quarter, compared to analysts’ expectations of $366.88 million. CONMED had a return on equity of 14.23% and a net margin of 3.42%.The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.34 EPS. On average, research analysts predict that CONMED will post 4.35 EPS for the current fiscal year.

Institutional Trading of CONMED

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of CONMED by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 3,684,439 shares of the company’s stock worth $149,588,000 after purchasing an additional 73,533 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in CONMED by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,312,804 shares of the company’s stock valued at $53,301,000 after buying an additional 16,028 shares in the last quarter. Wasatch Advisors LP purchased a new stake in CONMED in the 3rd quarter valued at about $47,026,000. Cooke & Bieler LP boosted its position in CONMED by 23.2% in the 4th quarter. Cooke & Bieler LP now owns 867,817 shares of the company’s stock valued at $35,233,000 after buying an additional 163,494 shares during the period. Finally, Deerfield Management Company L.P. grew its stake in CONMED by 8.6% in the 3rd quarter. Deerfield Management Company L.P. now owns 760,196 shares of the company’s stock worth $35,752,000 after acquiring an additional 59,925 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.