CONMED (NYSE:CNMD) Stock Price Up 11.6% – Here’s Why

Shares of CONMED Corporation (NYSE:CNMD) shot up 11.6% during trading on Thursday . The stock traded as high as $36.28 and last traded at $37.4830. 309,491 shares were traded during mid-day trading, a decline of 40% from the average session volume of 518,587 shares. The stock had previously closed at $33.59.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CNMD shares. BMO Capital Markets assumed coverage on shares of CONMED in a research note on Wednesday. They issued a “market perform” rating and a $36.00 target price on the stock. Weiss Ratings restated a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Piper Sandler lowered 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 report on Tuesday, March 17th. Wells Fargo & Company cut their target price on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. reduced their target price on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, April 30th. Six research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, CONMED currently has an average rating of “Reduce” and a consensus target price of $38.80.

CONMED Stock Up 10.6%

The firm has a 50 day simple moving average of $35.16 and a two-hundred day simple moving average of $38.29. 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 stock has a market cap of $1.12 billion, a price-to-earnings ratio of 21.01, a price-to-earnings-growth ratio of 2.53 and a beta of 0.93.

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

Institutional Investors Weigh In On CONMED

Hedge funds have recently bought and sold shares of the company. WINTON GROUP Ltd boosted its position in shares of CONMED by 0.3% during the fourth quarter. WINTON GROUP Ltd now owns 78,887 shares of the company’s stock worth $3,203,000 after purchasing an additional 260 shares in the last quarter. Rockefeller Capital Management L.P. increased its position in shares of CONMED by 48.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock valued at $42,000 after buying an additional 341 shares in the last quarter. California State Teachers Retirement System increased its position in shares of CONMED by 1.6% in the 2nd quarter. California State Teachers Retirement System now owns 28,522 shares of the company’s stock valued at $1,485,000 after buying an additional 442 shares in the last quarter. State of Wyoming raised its stake in CONMED by 41.3% during the 4th quarter. State of Wyoming now owns 1,567 shares of the company’s stock worth $64,000 after buying an additional 458 shares during the period. Finally, Aster Capital Management DIFC Ltd raised its stake in CONMED by 409.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock worth $29,000 after buying an additional 581 shares during the period.

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.