CONMED (NYSE:CNMD) Given Underperform Rating at Bank of America

CONMED (NYSE:CNMD)‘s stock had its “underperform” rating reiterated by investment analysts at Bank of America in a research report issued on Monday,Benzinga reports. They currently have a $40.00 price target on the stock. Bank of America‘s target price indicates a potential upside of 11.67% from the company’s previous close.

A number of other research firms have also weighed in on CNMD. Wall Street Zen lowered shares of CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Wells Fargo & Company lowered their price objective on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. 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 note on Tuesday, March 17th. JPMorgan Chase & Co. reduced their target price on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, April 30th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Five analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, CONMED currently has a consensus rating of “Reduce” and an average price target of $39.50.

CONMED Price Performance

NYSE:CNMD opened at $35.82 on Monday. 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 market capitalization of $1.08 billion, a P/E ratio of 20.24, a P/E/G ratio of 1.77 and a beta of 0.92. CONMED has a 12 month low of $31.44 and a 12 month high of $56.63. The business’s 50-day moving average is $35.90 and its 200 day moving average is $38.63.

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 analyst estimates of $310.64 million. During the same period in the prior year, the company earned $0.95 earnings per share. The firm’s revenue was down 1.3% on a year-over-year basis. On average, equities research analysts forecast that CONMED will post 4.38 earnings per share for the current fiscal year.

Institutional Trading of CONMED

Several institutional investors have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC bought a new position in shares of CONMED during the fourth quarter valued at approximately $26,000. Kelleher Financial Advisors purchased a new position in CONMED during the 3rd quarter valued at $28,000. Aster Capital Management DIFC Ltd boosted its holdings in CONMED by 409.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock valued at $29,000 after acquiring an additional 581 shares during the period. Quarry LP grew its position in CONMED by 244.8% in the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock valued at $41,000 after acquiring an additional 617 shares during the last quarter. Finally, Huntington National Bank grew its position in CONMED by 111.8% in the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock valued at $42,000 after acquiring an additional 466 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.