CONMED (NYSE:CNMD) Trading Up 8.3% – Here’s Why

CONMED Corporation (NYSE:CNMD) shares were up 8.3% during trading on Thursday . The stock traded as high as $35.55 and last traded at $35.7990. Approximately 29,213 shares changed hands during trading, a decline of 94% from the average daily volume of 500,215 shares. The stock had previously closed at $33.06.

Analyst Ratings Changes

Several analysts recently commented on CNMD shares. Piper Sandler cut CONMED from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. JPMorgan Chase & Co. dropped their price target on CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Bank of America dropped their price target on CONMED from $52.00 to $40.00 and set a “neutral” rating for the company in a research report on Monday, May 18th. Wells Fargo & Company dropped their price target on CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Finally, Wall Street Zen cut CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Six analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $43.80.

CONMED Trading Up 5.0%

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 has a fifty day simple moving average of $36.51 and a 200-day simple moving average of $39.61. The company has a market capitalization of $1.05 billion, a PE ratio of 19.61, a PEG ratio of 1.52 and a beta of 0.92.

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

Institutional Trading of CONMED

Large investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. lifted its stake in shares of CONMED by 31.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 168,380 shares of the company’s stock valued at $7,919,000 after purchasing an additional 40,697 shares during the last quarter. Wedge Capital Management L L P NC lifted its stake in shares of CONMED by 165.2% in the 4th quarter. Wedge Capital Management L L P NC now owns 114,437 shares of the company’s stock valued at $4,646,000 after purchasing an additional 71,282 shares during the last quarter. Invenomic Capital Management LP acquired a new position in shares of CONMED in the 3rd quarter valued at $19,753,000. Fisher Asset Management LLC lifted its stake in shares of CONMED by 9.3% in the 3rd quarter. Fisher Asset Management LLC now owns 397,046 shares of the company’s stock valued at $18,673,000 after purchasing an additional 33,725 shares during the last quarter. Finally, Tudor Investment Corp ET AL lifted its stake in shares of CONMED by 200.9% in the 3rd quarter. Tudor Investment Corp ET AL now owns 124,944 shares of the company’s stock valued at $5,876,000 after purchasing an additional 83,418 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.