CONMED (NYSE:CNMD) Cut to Buy at Wall Street Zen

Wall Street Zen lowered shares of CONMED (NYSE:CNMD) from a strong-buy rating to a buy rating in a report published on Saturday.

Several other research analysts also recently commented on CNMD. Needham & Company LLC reaffirmed a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a report on Wednesday, January 21st. Piper Sandler downgraded CONMED from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. 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. Finally, Zacks Research upgraded CONMED from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Seven analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, CONMED presently has an average rating of “Reduce” and a consensus target price of $50.17.

CONMED Price Performance

CONMED stock opened at $36.59 on Friday. CONMED has a 52 week low of $35.37 and a 52 week high of $61.25. The company’s 50 day moving average price is $41.03 and its two-hundred day moving average price is $43.46. The stock has a market cap of $1.13 billion, a P/E ratio of 24.23, a P/E/G ratio of 1.58 and a beta of 0.91. The company has a quick ratio of 1.01, a current ratio of 2.14 and a debt-to-equity ratio of 0.81.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $1.43 earnings per share for the quarter, topping 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 company 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 earned $1.34 EPS. The firm’s quarterly revenue was up 7.9% on a year-over-year basis. On average, equities analysts predict that CONMED will post 4.35 earnings per share for the current year.

Institutional Trading of CONMED

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Kestra Advisory Services LLC bought a new position in CONMED during the 4th quarter worth approximately $26,000. Kelleher Financial Advisors purchased a new position in shares of CONMED in the third quarter worth $28,000. Aster Capital Management DIFC Ltd raised its holdings in CONMED by 409.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock valued at $29,000 after buying an additional 581 shares during the last quarter. Quarry LP grew its holdings in CONMED by 244.8% in the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after acquiring an additional 617 shares during the last quarter. Finally, Huntington National Bank increased its position in shares of 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 acquiring an additional 466 shares during the period.

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.