CONMED Corporation (NYSE:CNMD) Given Average Rating of “Reduce” by Brokerages

CONMED Corporation (NYSE:CNMD) has earned an average recommendation of “Reduce” from the seven brokerages that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $43.80.

Several equities analysts recently weighed in on CNMD shares. Weiss Ratings restated a “sell (d)” rating on shares of CONMED in a research note on Thursday, June 4th. Wells Fargo & Company lowered their price objective on CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. JPMorgan Chase & Co. lowered their price objective on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, April 30th. Piper Sandler cut CONMED from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $55.00 to $39.00 in a report on Tuesday, March 17th. Finally, Bank of America lowered their price objective on CONMED from $52.00 to $40.00 and set a “neutral” rating on the stock in a report on Monday, May 18th.

Institutional Investors Weigh In On CONMED

Institutional investors have recently bought and sold shares of the company. Kestra Advisory Services LLC acquired a new stake in CONMED in the 4th quarter worth about $26,000. Kelleher Financial Advisors acquired a new stake in CONMED in the 3rd quarter worth about $28,000. Aster Capital Management DIFC Ltd boosted its holdings in CONMED by 409.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock worth $29,000 after buying an additional 581 shares during the last quarter. Quarry LP boosted its holdings in CONMED by 244.8% in the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after buying an additional 617 shares during the last quarter. Finally, Huntington National Bank boosted its holdings in CONMED by 111.8% in the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock worth $42,000 after buying an additional 466 shares during the last quarter.

CONMED Price Performance

Shares of CONMED stock opened at $36.34 on Friday. The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85. CONMED has a twelve month low of $32.13 and a twelve month high of $59.51. The business has a 50-day moving average price of $36.50 and a 200 day moving average price of $39.41. The firm has a market cap of $1.09 billion, a PE ratio of 20.53, a P/E/G ratio of 1.82 and a beta of 0.92.

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

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.