CONMED Corporation (NYSE:CNMD) Given Average Recommendation of “Reduce” by Analysts

Shares of CONMED Corporation (NYSE:CNMD) have earned an average recommendation of “Reduce” from the eight brokerages that are currently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation and five have assigned a hold recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $38.80.

A number of equities analysts have commented on the stock. Zacks Research cut shares of CONMED from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Needham & Company LLC restated a “hold” rating on shares of CONMED in a research report on Monday, July 13th. Wall Street Zen raised shares of CONMED from a “hold” rating to a “buy” rating in a report on Monday, July 20th. Weiss Ratings reiterated a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Finally, Wells Fargo & Company set a $39.00 price objective on CONMED in a research note on Monday, July 13th.

CONMED Price Performance

Shares of CONMED stock opened at $42.73 on Friday. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 24.14, a PEG ratio of 3.16 and a beta of 0.93. The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85. The stock’s 50-day simple moving average is $36.47 and its 200-day simple moving average is $38.42. CONMED has a 52 week low of $31.44 and a 52 week high of $56.63.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.82 by $0.07. CONMED had a net margin of 4.00% and a return on equity of 13.84%. The firm had revenue of $317.05 million for the quarter, compared to the consensus estimate of $310.64 million. During the same quarter in the previous year, the firm earned $0.95 earnings per share. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. As a group, analysts expect that CONMED will post 4.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CONMED

Several hedge funds and other institutional investors have recently modified their holdings of CNMD. AQR Capital Management LLC lifted its holdings in shares of CONMED by 19.9% in the 1st quarter. AQR Capital Management LLC now owns 14,199 shares of the company’s stock worth $857,000 after buying an additional 2,357 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of CONMED by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company’s stock valued at $1,108,000 after buying an additional 800 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of CONMED by 5.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 82,686 shares of the company’s stock valued at $4,993,000 after acquiring an additional 4,565 shares in the last quarter. Intech Investment Management LLC lifted its stake in CONMED by 34.6% in the first quarter. Intech Investment Management LLC now owns 22,505 shares of the company’s stock worth $1,359,000 after acquiring an additional 5,780 shares during the period. Finally, Creative Planning purchased a new stake in CONMED in the second quarter worth about $310,000.

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.