CONMED (NYSE:CNMD) Price Target Lowered to $40.00 at Bank of America

CONMED (NYSE:CNMD) had its target price dropped by analysts at Bank of America from $52.00 to $40.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price points to a potential upside of 9.92% from the stock’s previous close.

A number of other research firms also recently weighed in on CNMD. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a research report on Thursday, January 29th. Zacks Research upgraded CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. JPMorgan Chase & Co. decreased their price target on CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Piper Sandler downgraded CONMED from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $55.00 to $39.00 in a research note on Tuesday, March 17th. Finally, Wall Street Zen downgraded CONMED from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Six research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $43.80.

CONMED Stock Up 2.5%

Shares of CONMED stock traded up $0.90 during trading hours on Monday, hitting $36.39. 187,456 shares of the company’s stock traded hands, compared to its average volume of 503,154. CONMED has a twelve month low of $33.21 and a twelve month high of $60.80. 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 company has a market cap of $1.10 billion, a PE ratio of 20.55, a PEG ratio of 1.59 and a beta of 0.94. The stock has a 50 day simple moving average of $37.04 and a 200-day simple moving average of $40.42.

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

Hedge Funds Weigh In On CONMED

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Kestra Advisory Services LLC acquired a new position in shares of CONMED during the fourth quarter valued at $26,000. Kelleher Financial Advisors acquired a new position in shares of CONMED during the third quarter valued at $28,000. Aster Capital Management DIFC Ltd boosted its holdings in shares of 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 acquiring an additional 581 shares during the period. Quarry LP boosted its holdings in shares of CONMED by 244.8% during the third 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 boosted its holdings in shares of CONMED by 111.8% during the third quarter. Huntington National Bank now owns 883 shares of the company’s stock valued at $42,000 after acquiring an additional 466 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.