CONMED (NYSE:CNMD) Sets New 12-Month Low – Time to Sell?

CONMED Corporation (NYSE:CNMD)’s stock price reached a new 52-week low on Friday . The stock traded as low as $35.34 and last traded at $35.41, with a volume of 111783 shares trading hands. The stock had previously closed at $36.64.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CNMD shares. Zacks Research raised CONMED from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Bank of America cut their target price on CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a research note on Monday, December 8th. Wells Fargo & Company raised shares of CONMED to a “hold” rating in a report on Wednesday, March 18th. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Finally, Piper Sandler lowered shares of CONMED from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. Seven research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $50.17.

CONMED Price Performance

The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 2.14. The stock has a market capitalization of $1.09 billion, a PE ratio of 23.43, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. The business’s 50-day moving average price is $40.75 and its 200 day moving average price is $43.23.

CONMED (NYSE:CNMD) last posted 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 analyst estimates of $366.88 million. CONMED had a return on equity of 14.23% and a net margin of 3.42%.The firm’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the company earned $1.34 earnings per share. Research analysts forecast that CONMED Corporation will post 4.35 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in CONMED by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 3,684,439 shares of the company’s stock valued at $149,588,000 after purchasing an additional 73,533 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of CONMED by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,312,804 shares of the company’s stock worth $53,301,000 after buying an additional 16,028 shares during the last quarter. Wasatch Advisors LP purchased a new stake in shares of CONMED during the 3rd quarter valued at $47,026,000. Cooke & Bieler LP lifted its holdings in shares of CONMED by 23.2% during the 4th quarter. Cooke & Bieler LP now owns 867,817 shares of the company’s stock worth $35,233,000 after acquiring an additional 163,494 shares during the last quarter. Finally, Deerfield Management Company L.P. grew its position in CONMED by 8.6% in the third quarter. Deerfield Management Company L.P. now owns 760,196 shares of the company’s stock worth $35,752,000 after acquiring an additional 59,925 shares in the last quarter.

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.