CONMED Corporation (NYSE:CNMD) Receives $52.83 Average Price Target from Analysts

Shares of CONMED Corporation (NYSE:CNMD) have earned an average rating of “Reduce” from the eight research firms that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $52.8333.

Several research firms recently commented on CNMD. Bank of America cut their price target 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 restated a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Wells Fargo & Company raised their target price on CONMED from $41.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 29th. Piper Sandler reduced their price target on CONMED from $68.00 to $55.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Finally, JPMorgan Chase & Co. lowered their price target on shares of CONMED from $58.00 to $52.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th.

CONMED Price Performance

Shares of NYSE CNMD opened at $38.81 on Friday. The firm has a 50-day simple moving average of $41.16 and a 200-day simple moving average of $46.17. The company has a quick ratio of 0.95, a current ratio of 2.10 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of 25.70, a price-to-earnings-growth ratio of 1.72 and a beta of 0.97. CONMED has a 52 week low of $35.37 and a 52 week high of $74.70.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.11. The company had revenue of $373.20 million during the quarter, compared to analysts’ expectations of $366.88 million. CONMED had a net margin of 3.42% and a return on equity of 14.36%. CONMED’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.34 EPS. On average, equities analysts predict that CONMED will post 4.35 earnings per share for the current fiscal year.

Institutional Trading of CONMED

Hedge funds have recently made changes to their positions in the company. Kelleher Financial Advisors purchased a new stake in shares of CONMED during the 3rd quarter valued at approximately $28,000. CWM LLC increased its stake in CONMED by 352.0% during the second quarter. CWM LLC now owns 791 shares of the company’s stock worth $41,000 after acquiring an additional 616 shares during the last quarter. Quarry LP raised its position in CONMED by 244.8% in the third 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. Huntington National Bank raised its position in CONMED by 111.8% in the third 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 period. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of CONMED in the 2nd quarter valued at $48,000.

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.