CONMED (NYSE:CNMD) Downgraded to “Buy” Rating by Wall Street Zen

Wall Street Zen lowered shares of CONMED (NYSE:CNMD) from a strong-buy rating to a buy rating in a research note issued to investors on Saturday morning.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler cut shares of CONMED from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $55.00 to $39.00 in a research report on Tuesday, March 17th. Bank of America lowered their target price on CONMED from $65.00 to $52.00 and set a “neutral” rating for the company in a report on Monday, December 8th. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a research note on Thursday, January 29th. Wells Fargo & Company upgraded CONMED to a “hold” rating in a report on Wednesday. Finally, Zacks Research raised CONMED from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Seven investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $50.17.

CONMED Stock Down 2.2%

Shares of CONMED stock opened at $35.97 on Friday. The company has a market capitalization of $1.11 billion, a P/E ratio of 23.82, a price-to-earnings-growth ratio of 1.58 and a beta of 0.91. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.14 and a quick ratio of 1.01. The business has a 50-day moving average of $41.17 and a two-hundred day moving average of $43.65. CONMED has a 1 year low of $35.37 and a 1 year high of $61.25.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.11. CONMED had a return on equity of 14.23% and a net margin of 3.42%.The business had revenue of $373.20 million for the quarter, compared to analysts’ expectations of $366.88 million. During the same quarter in the previous year, the business posted $1.34 EPS. CONMED’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, equities analysts predict that CONMED will post 4.35 EPS for the current year.

Institutional Inflows and Outflows

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

About CONMED

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.