CONMED (NYSE:CNMD) Upgraded to Hold at Zacks Research

CONMED (NYSE:CNMD) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other brokerages have also commented on CNMD. Needham & Company LLC restated a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a research report on Wednesday, January 21st. JPMorgan Chase & Co. decreased their price target on CONMED from $58.00 to $52.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Piper Sandler dropped their price objective on CONMED from $68.00 to $55.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Finally, Wells Fargo & Company boosted their price objective on CONMED from $41.00 to $42.00 and gave the company an “equal weight” rating in a report on Thursday, January 29th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $52.83.

CONMED Trading Up 3.0%

CNMD opened at $39.96 on Tuesday. The stock has a market capitalization of $1.24 billion, a PE ratio of 26.46, a P/E/G ratio of 1.70 and a beta of 0.97. CONMED has a one year low of $35.37 and a one year high of $74.70. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.95 and a current ratio of 2.10. The business’s 50 day moving average price is $41.09 and its 200 day moving average price is $46.13.

CONMED (NYSE:CNMD) last posted 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. CONMED had a return on equity of 14.36% and a net margin of 3.42%.The company had revenue of $373.20 million for the quarter, compared to the consensus estimate of $366.88 million. During the same quarter in the previous year, the business earned $1.34 earnings per share. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, equities research analysts expect that CONMED will post 4.35 EPS for the current year.

Institutional Trading of CONMED

Several hedge funds have recently modified their holdings of CNMD. Vanguard Group Inc. increased its holdings in CONMED by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 3,684,439 shares of the company’s stock worth $149,588,000 after purchasing an additional 73,533 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of CONMED by 19.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,296,776 shares of the company’s stock valued at $60,984,000 after buying an additional 214,126 shares during the period. Wasatch Advisors LP acquired a new position in shares of CONMED during the third quarter worth about $47,026,000. Deerfield Management Company L.P. grew its position in shares of CONMED by 8.6% during the third quarter. Deerfield Management Company L.P. now owns 760,196 shares of the company’s stock worth $35,752,000 after buying an additional 59,925 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of CONMED by 2.8% during the second quarter. Geode Capital Management LLC now owns 734,529 shares of the company’s stock worth $38,259,000 after buying an additional 19,944 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.