CONMED Corporation (NYSE:CNMD) Given Consensus Rating of “Reduce” by Analysts

Shares of CONMED Corporation (NYSE:CNMD) have been assigned a consensus recommendation of “Reduce” from the seven brokerages that are currently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $39.50.

A number of equities analysts recently issued reports on CNMD shares. Piper Sandler lowered CONMED from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $55.00 to $39.00 in a report on Tuesday, March 17th. Weiss Ratings restated a “sell (d)” rating on shares of CONMED in a report on Thursday, June 4th. Wall Street Zen downgraded CONMED from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Bank of America reaffirmed an “underperform” rating and issued a $40.00 price target on shares of CONMED in a research note on Monday. Finally, Wells Fargo & Company cut their target price on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st.

CONMED Stock Down 5.0%

Shares of CONMED stock opened at $32.68 on Wednesday. The stock has a market capitalization of $983.90 million, a price-to-earnings ratio of 18.46, a PEG ratio of 1.69 and a beta of 0.92. CONMED has a twelve month low of $31.44 and a twelve month high of $56.63. The company has a current ratio of 2.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85. The business’s 50 day simple moving average is $35.71 and its 200-day simple moving average is $38.55.

CONMED (NYSE:CNMD) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $310.64 million. During the same period in the prior year, the business earned $0.95 EPS. The firm’s revenue was down 1.3% on a year-over-year basis. Equities research analysts forecast that CONMED will post 4.38 earnings per share for the current year.

Hedge Funds Weigh In On CONMED

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of CONMED by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 3,684,439 shares of the company’s stock valued at $149,588,000 after buying an additional 73,533 shares during the period. Dimensional Fund Advisors LP grew its holdings in CONMED by 6.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,392,920 shares of the company’s stock worth $49,250,000 after acquiring an additional 80,116 shares during the period. Wasatch Advisors LP bought a new stake in shares of CONMED during the 3rd quarter valued at $47,026,000. Cooke & Bieler LP lifted its stake in shares of 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 purchasing an additional 163,494 shares during the period. Finally, Deerfield Management Company L.P. increased its holdings 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 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.