CONMED (NYSE:CNMD) Stock Price Down 5.6% – What’s Next?

CONMED Corporation (NYSE:CNMD)’s stock price fell 5.6% on Tuesday . The company traded as low as $32.59 and last traded at $32.4850. 48,064 shares changed hands during trading, a decline of 91% from the average session volume of 518,463 shares. The stock had previously closed at $34.41.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CNMD shares. Piper Sandler downgraded shares of CONMED from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $55.00 to $39.00 in a research note on Tuesday, March 17th. Wall Street Zen cut shares of CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. JPMorgan Chase & Co. cut their price target on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, April 30th. Bank of America restated an “underperform” rating and issued a $40.00 price objective on shares of CONMED in a research report on Monday. Finally, Wells Fargo & Company lowered their price objective on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Five investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $39.50.

CONMED Trading Down 0.0%

The stock has a market capitalization of $985.38 million, a P/E ratio of 18.49, a price-to-earnings-growth ratio of 2.42 and a beta of 0.93. The stock has a 50-day moving average price of $35.57 and a two-hundred day moving average price of $38.50. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 2.29.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Wasatch Advisors LP bought a new stake in shares of CONMED during the 3rd quarter valued at about $47,026,000. Invenomic Capital Management LP bought a new position in CONMED in the third quarter worth about $19,753,000. Arrowstreet Capital Limited Partnership raised its stake in CONMED by 217.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 419,092 shares of the company’s stock worth $14,819,000 after buying an additional 287,150 shares in the last quarter. Marshall Wace LLP purchased a new stake in CONMED in the fourth quarter worth about $9,029,000. Finally, Dimensional Fund Advisors LP lifted its holdings in CONMED by 19.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,296,776 shares of the company’s stock worth $60,984,000 after buying an additional 214,126 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.