CONMED (NYSE:CNMD) Hits New 52-Week Low Following Analyst Downgrade

CONMED Corporation (NYSE:CNMD)’s stock price hit a new 52-week low during mid-day trading on Thursday after Piper Sandler lowered their price target on the stock from $68.00 to $55.00. Piper Sandler currently has an overweight rating on the stock. CONMED traded as low as $41.62 and last traded at $41.79, with a volume of 132082 shares trading hands. The stock had previously closed at $44.44.

Other research analysts also recently issued research reports about the company. Wells Fargo & Company reduced their price objective on CONMED from $57.00 to $47.00 and set an “equal weight” rating for the company in a research note on Thursday. Weiss Ratings restated a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $55.20.

Insider Buying and Selling at CONMED

In other news, Director Charles Farkas sold 2,000 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $53.52, for a total transaction of $107,040.00. Following the completion of the transaction, the director owned 14,859 shares in the company, valued at approximately $795,253.68. This represents a 11.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in CONMED by 17.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,542 shares of the company’s stock worth $80,000 after purchasing an additional 225 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in CONMED by 4.6% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,462 shares of the company’s stock worth $330,000 after purchasing an additional 239 shares during the period. Amalgamated Bank boosted its stake in CONMED by 3.3% in the 3rd quarter. Amalgamated Bank now owns 9,129 shares of the company’s stock worth $429,000 after purchasing an additional 294 shares during the period. Smartleaf Asset Management LLC boosted its stake in CONMED by 15.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,260 shares of the company’s stock worth $133,000 after purchasing an additional 298 shares during the period. Finally, Connable Office Inc. boosted its stake in CONMED by 5.7% in the 1st quarter. Connable Office Inc. now owns 6,092 shares of the company’s stock worth $368,000 after purchasing an additional 326 shares during the period.

CONMED Trading Down 1.9%

The firm has a fifty day simple moving average of $48.63 and a two-hundred day simple moving average of $51.99. The stock has a market cap of $1.35 billion, a PE ratio of 12.29, a PEG ratio of 1.59 and a beta of 1.15. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.88.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, November 5th. The company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.03. CONMED had a return on equity of 14.43% and a net margin of 8.31%.The firm had revenue of $337.93 million for the quarter, compared to analysts’ expectations of $334.76 million. During the same quarter last year, the firm posted $1.05 EPS. The company’s revenue was up 6.7% compared to the same quarter last year. CONMED has set its FY 2025 guidance at 4.480-4.530 EPS. As a group, equities analysts expect that CONMED Corporation will post 4.35 earnings per share for the current fiscal year.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.