CONMED (NYSE:CNMD) Reaches New 1-Year Low – Here’s What Happened

Shares of CONMED Corporation (NYSE:CNMD) hit a new 52-week low on Thursday . The company traded as low as $31.84 and last traded at $32.0210, with a volume of 921316 shares trading hands. The stock had previously closed at $34.57.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Piper Sandler downgraded CONMED from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $55.00 to $39.00 in a research report on Tuesday, March 17th. Bank of America dropped their price objective on CONMED from $52.00 to $40.00 and set a “neutral” rating on the stock in a research report on Monday, May 18th. Wells Fargo & Company dropped their price objective on CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Wall Street Zen downgraded CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Finally, JPMorgan Chase & Co. lowered their price target on CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, April 30th. Six equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, CONMED presently has an average rating of “Reduce” and an average target price of $39.50.

CONMED Stock Performance

The company has a debt-to-equity ratio of 0.85, a current ratio of 2.29 and a quick ratio of 1.04. The firm has a market cap of $964.15 million, a price-to-earnings ratio of 18.09, a P/E/G ratio of 1.70 and a beta of 0.92. The firm has a fifty day simple moving average of $36.41 and a two-hundred day simple moving average of $39.08.

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

Institutional Investors Weigh In On CONMED

A number of institutional investors and hedge funds have recently modified their holdings of CNMD. AQR Capital Management LLC lifted its holdings in shares of 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 purchasing an additional 2,357 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of 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 purchasing an additional 800 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of 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 purchasing an additional 4,565 shares during the period. Intech Investment Management LLC lifted its holdings in CONMED by 34.6% in the first quarter. Intech Investment Management LLC now owns 22,505 shares of the company’s stock valued at $1,359,000 after acquiring an additional 5,780 shares during the period. Finally, Creative Planning acquired a new position in CONMED in the second quarter valued at approximately $310,000.

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.