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

CONMED Corporation (NYSE:CNMD) shares gapped down before the market opened on Wednesday. The stock had previously closed at $47.33, but opened at $44.07. CONMED shares last traded at $44.39, with a volume of 6,407 shares.

Wall Street Analysts Forecast Growth

CNMD has been the topic of a number of recent research reports. Wells Fargo & Company upped their price objective on CONMED from $39.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a research note on Monday, July 13th. Piper Sandler restated a “neutral” rating and set a $45.00 price target (up from $39.00) on shares of CONMED in a report on Thursday, July 30th. BMO Capital Markets began coverage on CONMED in a research report on Wednesday, July 8th. They issued a “market perform” rating and a $36.00 price target on the stock. Finally, Wall Street Zen raised CONMED from a “hold” rating to a “buy” rating in a research report on Monday, July 20th. Seven 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, the company has a consensus rating of “Reduce” and an average price target of $41.40.

CONMED Trading Down 0.5%

The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.69 and a current ratio of 1.48. The company’s 50-day moving average price is $48.12 and its 200-day moving average price is $40.75. The firm has a market capitalization of $1.33 billion, a PE ratio of 23.87, a PEG ratio of 2.16 and a beta of 0.94.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, July 29th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.11 by $0.27. The firm had revenue of $343.49 million for the quarter, compared to analyst estimates of $337.60 million. CONMED had a return on equity of 14.31% and a net margin of 4.12%.CONMED’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.15 earnings per share. CONMED has set its FY 2026 guidance at 4.480-4.600 EPS. On average, sell-side analysts expect that CONMED Corporation will post 4.54 earnings per share for the current year.

Hedge Funds Weigh In On CONMED

Institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio purchased a new stake in CONMED in the 2nd quarter valued at $27,000. Rockefeller Capital Management L.P. grew its position in CONMED by 48.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock worth $42,000 after purchasing an additional 341 shares during the last quarter. Versant Capital Management Inc grew its position in CONMED by 210.8% during the 2nd quarter. Versant Capital Management Inc now owns 1,125 shares of the company’s stock worth $37,000 after purchasing an additional 763 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in CONMED in the second quarter valued at $41,000. Finally, Allworth Financial LP purchased a new stake in shares of CONMED in the second quarter valued at about $47,000.

CONMED Company Profile

CONMED Corporation (NYSE: CNMD) is a medical technology company that develops, manufactures and markets products used in minimally invasive surgical procedures. Its offerings support healthcare providers across a range of specialties, including general surgery, gastroenterology, pulmonology, gynecology, orthopedics and sports medicine.

The company’s products include advanced surgical devices and systems, electrosurgical equipment, smoke evacuation systems, endoscopic instruments, powered surgical tools, and orthopedic products used in arthroscopic and reconstructive procedures.