Wall Street Zen Upgrades CONMED (NYSE:CNMD) to Buy

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

Several other analysts also recently issued reports on CNMD. Zacks Research downgraded shares of CONMED from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of CONMED in a research report on Monday, July 13th. BMO Capital Markets assumed coverage on CONMED in a research note on Wednesday, July 8th. They issued a “market perform” rating and a $36.00 target price for the company. JPMorgan Chase & Co. decreased their price target on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. Finally, Bank of America restated an “underperform” rating and issued a $40.00 target price on shares of CONMED in a report on Monday, June 29th. Five analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, CONMED presently has a consensus rating of “Reduce” and a consensus price target of $38.80.

CONMED Price Performance

Shares of NYSE CNMD opened at $43.05 on Monday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 2.29. CONMED has a one year low of $31.44 and a one year high of $56.63. The company’s fifty day moving average is $35.81 and its two-hundred day moving average is $38.35. The firm has a market capitalization of $1.30 billion, a P/E ratio of 24.32, a PEG ratio of 3.19 and a beta of 0.93.

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

Institutional Trading of CONMED

Hedge funds and other institutional investors have recently modified their holdings of the business. Kestra Advisory Services LLC purchased a new stake in CONMED during the 4th quarter worth approximately $26,000. Kelleher Financial Advisors bought a new stake in CONMED during the third quarter valued at $28,000. Aster Capital Management DIFC Ltd increased its stake in CONMED by 409.2% during the fourth 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. Versant Capital Management Inc raised its holdings in shares of CONMED by 210.8% during the second quarter. Versant Capital Management Inc now owns 1,125 shares of the company’s stock worth $37,000 after purchasing an additional 763 shares during the period. Finally, Quarry LP raised its holdings in shares of CONMED by 244.8% during the third quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after purchasing an additional 617 shares during the period.

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.