CONMED Corporation (NYSE:CNMD) Given Average Recommendation of “Reduce” by Brokerages

CONMED Corporation (NYSE:CNMD) has been given an average recommendation of “Reduce” by the seven brokerages that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation and six have issued a hold recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $43.80.

Several brokerages have recently commented on CNMD. Needham & Company LLC reiterated a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Bank of America lowered their target price on shares of CONMED from $52.00 to $40.00 and set a “neutral” rating for the company in a report on Monday. Piper Sandler downgraded shares of CONMED from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $55.00 to $39.00 in a report on Tuesday, March 17th. Wells Fargo & Company lowered their target price on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Finally, JPMorgan Chase & Co. lowered their target price on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, April 30th.

CONMED Stock Performance

CNMD opened at $36.60 on Tuesday. 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’s fifty day moving average price is $36.95 and its two-hundred day moving average price is $40.35. CONMED has a 1-year low of $33.21 and a 1-year high of $60.80. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 20.68, a PEG ratio of 1.59 and a beta of 0.94.

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

Institutional Trading of CONMED

A number of large investors have recently added to or reduced their stakes in CNMD. AQR Capital Management LLC increased its holdings in CONMED by 19.9% during the first quarter. AQR Capital Management LLC now owns 14,199 shares of the company’s stock worth $857,000 after buying an additional 2,357 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in CONMED by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company’s stock worth $1,108,000 after buying an additional 800 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in CONMED by 5.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 82,686 shares of the company’s stock worth $4,993,000 after buying an additional 4,565 shares during the last quarter. Intech Investment Management LLC increased its holdings in CONMED by 34.6% during the first quarter. Intech Investment Management LLC now owns 22,505 shares of the company’s stock worth $1,359,000 after buying an additional 5,780 shares during the last quarter. Finally, Creative Planning bought a new position in CONMED during the second quarter worth about $310,000.

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.