CONMED (NYSE:CNMD) Downgraded to “Buy” Rating by Wall Street Zen

Wall Street Zen lowered shares of CONMED (NYSE:CNMD) from a strong-buy rating to a buy rating in a research report released on Monday.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CONMED in a report on Wednesday, January 21st. Piper Sandler cut shares of CONMED from an “overweight” rating to a “neutral” rating and cut their target price for the company from $55.00 to $39.00 in a report on Tuesday, March 17th. Zacks Research raised shares of CONMED from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Wells Fargo & Company raised shares of CONMED to a “hold” rating in a report on Wednesday, March 18th. Finally, Bank of America cut their target price on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a report on Monday, December 8th. Seven research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $50.17.

CONMED Stock Performance

Shares of CONMED stock opened at $34.01 on Monday. The firm’s fifty day simple moving average is $39.79 and its 200-day simple moving average is $42.21. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 22.53, a PEG ratio of 1.53 and a beta of 0.99. CONMED has a 12 month low of $33.21 and a 12 month high of $61.08. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.14 and a quick ratio of 1.01.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, January 28th. The company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.11. The business had revenue of $373.20 million for 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 company’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.34 EPS. As a group, equities analysts forecast that CONMED will post 4.35 earnings per share for the current year.

Hedge Funds Weigh In On CONMED

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