CONMED Corporation (NYSE:CNMD) Receives Consensus Recommendation of “Reduce” from Analysts

CONMED Corporation (NYSE:CNMD) has earned an average recommendation of “Reduce” from the seven ratings firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $39.50.

A number of brokerages have recently commented on CNMD. Weiss Ratings reiterated a “sell (d)” rating on shares of CONMED in a research note on Thursday, June 4th. Wall Street Zen cut CONMED from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. 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 note on Monday, May 18th. 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 note on Thursday, April 30th. Finally, Piper Sandler cut CONMED from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $55.00 to $39.00 in a research note on Tuesday, March 17th.

CONMED Stock Up 1.1%

Shares of CNMD opened at $34.79 on Friday. The firm has a 50 day simple moving average of $36.47 and a two-hundred day simple moving average of $39.32. The company has a market cap of $1.05 billion, a P/E ratio of 19.66, a P/E/G ratio of 1.69 and a beta of 0.92. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.29 and a quick ratio of 1.04. CONMED has a one year low of $32.13 and a one year high of $56.63.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, beating 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 company had revenue of $317.05 million during the quarter, compared to analysts’ expectations of $310.64 million. During the same period in the prior year, the company earned $0.95 EPS. CONMED’s revenue was down 1.3% compared to the same quarter last year. Research analysts forecast that CONMED will post 4.38 EPS for the current fiscal year.

Institutional Trading of CONMED

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in CONMED by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 3,684,439 shares of the company’s stock valued at $149,588,000 after purchasing an additional 73,533 shares during the period. Dimensional Fund Advisors LP increased its holdings in CONMED by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,392,920 shares of the company’s stock valued at $49,250,000 after purchasing an additional 80,116 shares during the period. Wasatch Advisors LP acquired a new stake in CONMED in the third quarter valued at $47,026,000. Cooke & Bieler LP increased its holdings in CONMED by 23.2% in the fourth quarter. Cooke & Bieler LP now owns 867,817 shares of the company’s stock valued at $35,233,000 after purchasing an additional 163,494 shares during the period. Finally, Deerfield Management Company L.P. increased its holdings in CONMED by 8.6% in the third quarter. Deerfield Management Company L.P. now owns 760,196 shares of the company’s stock valued at $35,752,000 after purchasing an additional 59,925 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.