CONMED (NYSE:CNMD) Cut to Neutral at Piper Sandler

Piper Sandler cut shares of CONMED (NYSE:CNMD) from an overweight rating to a neutral rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm currently has $39.00 price target on the stock, down from their previous price target of $55.00.

A number of other equities analysts also recently weighed in on the stock. Bank of America dropped their price target on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a research note on Monday, December 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of CONMED in a research report on Thursday, January 29th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, January 21st. Wells Fargo & Company lifted their price target on CONMED from $41.00 to $42.00 and gave the company an “equal weight” rating in a report on Thursday, January 29th. Finally, Zacks Research upgraded CONMED from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Seven analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, CONMED currently has a consensus rating of “Reduce” and an average price target of $50.17.

CONMED Price Performance

NYSE CNMD opened at $36.77 on Tuesday. 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 firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of 24.35, a price-to-earnings-growth ratio of 1.61 and a beta of 0.91. The company has a 50 day simple moving average of $41.31 and a 200-day simple moving average of $43.84. CONMED has a 52-week low of $35.37 and a 52-week high of $61.25.

CONMED (NYSE:CNMD) last announced its quarterly earnings data 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 net margin of 3.42% and a return on equity of 14.23%. The firm had revenue of $373.20 million for the quarter, compared to the consensus estimate of $366.88 million. During the same period in the previous year, the firm posted $1.34 earnings per share. The firm’s revenue was up 7.9% on a year-over-year basis. Equities research analysts predict that CONMED will post 4.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CONMED

Several institutional investors have recently bought and sold shares of CNMD. Rockefeller Capital Management L.P. increased its holdings in shares of CONMED by 48.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock valued at $42,000 after acquiring an additional 341 shares during the last quarter. Villanova Investment Management Co LLC lifted its holdings in CONMED by 20.3% in the 4th quarter. Villanova Investment Management Co LLC now owns 70,655 shares of the company’s stock worth $2,869,000 after purchasing an additional 11,906 shares during the last quarter. Pacer Advisors Inc. bought a new stake in CONMED during the fourth quarter worth approximately $5,806,000. Invesco Ltd. grew its holdings in CONMED by 29.9% during the fourth quarter. Invesco Ltd. now owns 184,070 shares of the company’s stock valued at $7,473,000 after purchasing an additional 42,395 shares during the last quarter. Finally, State of Tennessee Department of Treasury grew its holdings in CONMED by 4.3% during the fourth quarter. State of Tennessee Department of Treasury now owns 21,139 shares of the company’s stock valued at $812,000 after purchasing an additional 873 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.