CONMED (NYSE:CNMD) Reaches New 1-Year Low – Here’s What Happened

CONMED Corporation (NYSE:CNMD)’s stock price reached a new 52-week low on Thursday . The stock traded as low as $31.84 and last traded at $32.0210, with a volume of 921316 shares changing hands. The stock had previously closed at $34.57.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CNMD shares. JPMorgan Chase & Co. reduced their target price on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. Wall Street Zen lowered CONMED from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Wells Fargo & Company reduced their target price on CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Bank of America reduced their target price on CONMED from $52.00 to $40.00 and set a “neutral” rating on the stock in a research note on Monday, May 18th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of CONMED in a research note on Thursday, June 4th. Six research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Reduce” and an average price target of $39.50.

CONMED Stock Performance

The stock has a market cap of $964.15 million, a PE ratio of 18.09, a price-to-earnings-growth ratio of 1.70 and a beta of 0.92. 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 firm has a 50 day moving average price of $36.41 and a 200 day moving average price of $39.08.

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

Hedge Funds Weigh In On CONMED

Several institutional investors have recently made changes to their positions in the company. WINTON GROUP Ltd increased its stake in shares of CONMED by 0.3% during the fourth quarter. WINTON GROUP Ltd now owns 78,887 shares of the company’s stock valued at $3,203,000 after buying an additional 260 shares during the period. Rockefeller Capital Management L.P. boosted its position in CONMED by 48.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock valued at $42,000 after purchasing an additional 341 shares in the last quarter. California State Teachers Retirement System boosted its position in CONMED by 1.6% during the second quarter. California State Teachers Retirement System now owns 28,522 shares of the company’s stock valued at $1,485,000 after purchasing an additional 442 shares in the last quarter. State of Wyoming boosted its position in CONMED by 41.3% during the fourth quarter. State of Wyoming now owns 1,567 shares of the company’s stock valued at $64,000 after purchasing an additional 458 shares in the last quarter. Finally, Huntington National Bank boosted its position in 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 purchasing an additional 466 shares in 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.