CONMED (NYSE:CNMD) Sets New 1-Year High – Here’s Why

CONMED Corporation (NYSE:CNMD)’s stock price reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $53.75 and last traded at $54.4140, with a volume of 572 shares changing hands. The stock had previously closed at $53.66.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CNMD. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a report on Monday, July 13th. Weiss Ratings raised CONMED from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 21st. JPMorgan Chase & Co. upped their price target on CONMED from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, October 29th. Piper Sandler restated a “neutral” rating and issued a $45.00 target price (up from $39.00) on shares of CONMED in a research note on Thursday, July 30th. Finally, BMO Capital Markets assumed coverage on shares of CONMED in a research note on Wednesday, July 8th. They issued a “market perform” rating and a $36.00 price objective for the company. Seven analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, CONMED has a consensus rating of “Reduce” and a consensus target price of $44.00.

CONMED Stock Performance

The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.70 and a current ratio of 1.49. The firm has a market cap of $1.61 billion, a P/E ratio of 22.41, a PEG ratio of 2.19 and a beta of 0.90. The stock’s 50-day moving average is $46.94 and its 200 day moving average is $41.57.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.04. The company had revenue of $335.56 million during the quarter, compared to analysts’ expectations of $336.28 million. CONMED had a net margin of 5.36% and a return on equity of 13.93%. The business’s quarterly revenue was down .7% on a year-over-year basis. During the same period last year, the business earned $1.08 EPS. On average, research analysts predict that CONMED Corporation will post 4.58 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Signaturefd LLC boosted its holdings in shares of CONMED by 82.7% during the 3rd quarter. Signaturefd LLC now owns 548 shares of the company’s stock valued at $25,000 after acquiring an additional 248 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of CONMED during the second quarter valued at about $27,000. Versant Capital Management Inc grew its holdings in shares of CONMED by 210.8% during the second quarter. Versant Capital Management Inc now owns 1,125 shares of the company’s stock worth $37,000 after purchasing an additional 763 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of CONMED in the second quarter valued at approximately $41,000. Finally, Rockefeller Capital Management L.P. raised its holdings in CONMED by 48.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock valued at $42,000 after buying an additional 341 shares during the last quarter.

CONMED Company Profile

CONMED Corporation is a medical technology company that develops, manufactures, and sells surgical devices and related equipment. Its products are used by hospitals, ambulatory surgery centers, and other healthcare providers in orthopedic and general surgery procedures.

The company’s orthopedic portfolio includes arthroscopy systems, powered surgical instruments, sports medicine products, tissue ablation systems, implants, and related accessories. Its general surgery offerings include electrosurgical equipment, insufflation systems, smoke evacuation products, surgical visualization technologies, and devices used in minimally invasive procedures.

Founded in 1970, CONMED serves healthcare customers through direct sales and distribution channels in the United States and international markets.