CONMED Corporation (NYSE:CNMD) Receives Consensus Rating of “Reduce” from Analysts

CONMED Corporation (NYSE:CNMD) has been given an average rating of “Reduce” by the seven brokerages that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $43.80.

CNMD has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their price objective on CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. Wall Street Zen cut CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. JPMorgan Chase & Co. decreased their price objective on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, April 30th. Piper Sandler cut CONMED from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $55.00 to $39.00 in a report on Tuesday, March 17th. Finally, Bank of America decreased their price objective on CONMED from $52.00 to $40.00 and set a “neutral” rating on the stock in a report on Monday, May 18th.

CONMED Trading Down 0.2%

Shares of CONMED stock opened at $35.07 on Friday. The stock has a market cap of $1.06 billion, a P/E ratio of 19.81, a P/E/G ratio of 1.73 and a beta of 0.92. The stock’s 50 day simple moving average is $36.44 and its 200-day simple moving average is $39.53. CONMED has a 1-year low of $32.13 and a 1-year high of $60.35. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.29 and a quick ratio of 1.04.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.07. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The firm had revenue of $317.05 million for the quarter, compared to analysts’ expectations of $310.64 million. During the same period in the prior year, the firm posted $0.95 earnings per share. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. Analysts predict that CONMED will post 4.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CNMD. Vanguard Group Inc. raised its position in CONMED by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 3,684,439 shares of the company’s stock valued at $149,588,000 after purchasing an additional 73,533 shares during the period. Dimensional Fund Advisors LP raised its position in CONMED by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,392,920 shares of the company’s stock valued at $49,250,000 after purchasing an additional 80,116 shares during the period. Wasatch Advisors LP purchased a new stake in CONMED in the third quarter valued at approximately $47,026,000. Cooke & Bieler LP raised its position in CONMED by 23.2% in the fourth quarter. Cooke & Bieler LP now owns 867,817 shares of the company’s stock valued at $35,233,000 after purchasing an additional 163,494 shares during the period. Finally, Deerfield Management Company L.P. raised its position in CONMED by 8.6% in the third quarter. Deerfield Management Company L.P. now owns 760,196 shares of the company’s stock valued at $35,752,000 after purchasing an additional 59,925 shares during the period.

About CONMED

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.