CONMED (NYSE:CNMD) Shares Gap Down – Here’s Why

CONMED Corporation (NYSE:CNMD) gapped down prior to trading on Monday . The stock had previously closed at $35.95, but opened at $34.55. CONMED shares last traded at $33.4530, with a volume of 47,562 shares.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CNMD. Bank of America reissued an “underperform” rating and set a $40.00 price target on shares of CONMED in a research note on Monday. Piper Sandler cut shares of CONMED from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. Weiss Ratings reiterated a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Wells Fargo & Company decreased 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. Finally, Wall Street Zen cut CONMED from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Five analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $39.50.

CONMED Stock Down 5.0%

The business has a fifty day moving average of $35.71 and a 200 day moving average of $38.55. The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85. The firm has a market cap of $983.90 million, a P/E ratio of 18.46, a P/E/G ratio of 1.69 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, topping analysts’ consensus estimates of $0.82 by $0.07. The firm had revenue of $317.05 million for 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 company’s revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.95 earnings per share. On average, equities research analysts predict that CONMED Corporation will post 4.38 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CNMD. Invenomic Capital Management LP acquired a new stake in CONMED during the 3rd quarter worth $19,753,000. Wedge Capital Management L L P NC grew its stake in CONMED by 165.2% in the fourth quarter. Wedge Capital Management L L P NC now owns 114,437 shares of the company’s stock valued at $4,646,000 after acquiring an additional 71,282 shares during the period. Tudor Investment Corp ET AL grew its stake in CONMED by 200.9% in the third quarter. Tudor Investment Corp ET AL now owns 124,944 shares of the company’s stock valued at $5,876,000 after acquiring an additional 83,418 shares during the period. Fisher Asset Management LLC increased its holdings in shares of CONMED by 9.3% in the third quarter. Fisher Asset Management LLC now owns 397,046 shares of the company’s stock worth $18,673,000 after acquiring an additional 33,725 shares in the last quarter. Finally, Tributary Capital Management LLC increased its holdings in shares of CONMED by 29.4% in the fourth quarter. Tributary Capital Management LLC now owns 268,896 shares of the company’s stock worth $10,917,000 after acquiring an additional 61,060 shares in 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.