CONMED (NYSE:CNMD) Upgraded at Wells Fargo & Company

CONMED (NYSE:CNMD) was upgraded by stock analysts at Wells Fargo & Company to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

Other analysts also recently issued reports about the company. Bank of America lowered their price objective on CONMED from $65.00 to $52.00 and set a “neutral” rating for the company in a research note on Monday, December 8th. Zacks Research raised CONMED from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Piper Sandler downgraded shares of CONMED from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $55.00 to $39.00 in a report on Tuesday. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of CONMED in a report on Wednesday, January 21st. Seven analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $50.17.

CONMED Stock Performance

CNMD opened at $36.73 on Wednesday. The company has a current ratio of 2.14, a quick ratio of 1.01 and a debt-to-equity ratio of 0.81. The company’s fifty day moving average price is $41.46 and its two-hundred day moving average price is $43.89. CONMED has a 1-year low of $35.37 and a 1-year high of $61.25. The company has a market cap of $1.13 billion, a price-to-earnings ratio of 24.32, a PEG ratio of 1.64 and a beta of 0.91.

CONMED (NYSE:CNMD) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.11. The firm had revenue of $373.20 million during the quarter, compared to analysts’ expectations of $366.88 million. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The business’s revenue was up 7.9% on a year-over-year basis. During the same period last year, the company earned $1.34 earnings per share. On average, analysts expect that CONMED will post 4.35 EPS for the current fiscal year.

Hedge Funds Weigh In On CONMED

A number of hedge funds and other institutional investors have recently made changes to their positions in CNMD. Kelleher Financial Advisors purchased a new stake in CONMED during the third quarter worth about $28,000. Kestra Advisory Services LLC purchased a new position in CONMED in the fourth quarter valued at about $26,000. Aster Capital Management DIFC Ltd grew its position in shares of CONMED by 409.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock valued at $29,000 after acquiring an additional 581 shares during the period. Quarry LP grew its position in shares of CONMED by 244.8% during the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock valued at $41,000 after acquiring an additional 617 shares during the period. Finally, Huntington National Bank increased its stake in shares of CONMED by 111.8% during the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock worth $42,000 after purchasing an additional 466 shares during the last quarter.

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.