Zacks Research Downgrades CONMED (NYSE:CNMD) to Strong Sell

CONMED (NYSE:CNMD) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Monday,Zacks.com reports.

Several other research firms have also recently issued reports on CNMD. JPMorgan Chase & Co. decreased their price target on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, April 30th. Wall Street Zen cut CONMED from a “buy” rating to a “hold” rating in a report on Sunday. Bank of America restated an “underperform” rating and set a $40.00 target price on shares of CONMED in a research report on Monday, June 29th. Wells Fargo & Company set a $39.00 target price on shares of CONMED in a research note on Monday. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Five analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $38.80.

CONMED Trading Down 1.1%

Shares of NYSE CNMD opened at $41.95 on Monday. CONMED has a 1-year low of $31.44 and a 1-year high of $56.63. The company has a market cap of $1.26 billion, a PE ratio of 23.70, a P/E/G ratio of 3.14 and a beta of 0.93. The company has a current ratio of 2.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85. The company has a 50-day moving average of $35.44 and a two-hundred day moving average of $38.29.

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

Hedge Funds Weigh In On CONMED

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake 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 in the last quarter. Dimensional Fund Advisors LP lifted its stake in CONMED by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,392,920 shares of the company’s stock valued at $49,250,000 after buying an additional 80,116 shares in the last quarter. Wasatch Advisors LP bought a new position in CONMED in the third quarter valued at approximately $47,026,000. Cooke & Bieler LP boosted its holdings in shares of CONMED by 23.2% in the fourth quarter. Cooke & Bieler LP now owns 867,817 shares of the company’s stock valued at $35,233,000 after buying an additional 163,494 shares during the period. Finally, Deerfield Management Company L.P. boosted its holdings in shares of CONMED by 8.6% in the third quarter. Deerfield Management Company L.P. now owns 760,196 shares of the company’s stock valued at $35,752,000 after buying an additional 59,925 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.