CONMED (NYSE:CNMD) Reaches New 12-Month High – Time to Buy?

CONMED Corporation (NYSE:CNMD)’s stock price reached a new 52-week high on Thursday. The stock traded as high as $53.75 and last traded at $54.4140, with a volume of 572 shares changing hands. The stock had previously closed at $53.66.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wall Street Zen upgraded CONMED from a “hold” rating to a “buy” rating in a report on Monday, July 20th. Zacks Research upgraded CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Wells Fargo & Company increased their price target on shares of CONMED from $46.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 29th. Piper Sandler reaffirmed a “neutral” rating and set a $45.00 price target (up from $39.00) on shares of CONMED in a research note on Thursday, July 30th. Finally, Weiss Ratings raised shares of CONMED from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday. Seven investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $44.00.

CONMED Price Performance

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.49 and a quick ratio of 0.70. The stock has a fifty day moving average of $47.00 and a 200 day moving average of $41.67. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 21.26, a P/E/G ratio of 2.16 and a beta of 0.90.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, October 28th. The company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.04. CONMED had a net margin of 5.36% and a return on equity of 13.93%. The business had revenue of $335.56 million during the quarter, compared to the consensus estimate of $336.28 million. During the same quarter in the prior year, the firm earned $1.08 earnings per share. The business’s quarterly revenue was down .7% compared to the same quarter last year. On average, analysts expect that CONMED Corporation will post 4.58 EPS for the current fiscal year.

Hedge Funds Weigh In On CONMED

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNMD. Illinois Municipal Retirement Fund lifted its stake in shares of CONMED by 1.3% in the third quarter. Illinois Municipal Retirement Fund now owns 16,492 shares of the company’s stock worth $762,000 after acquiring an additional 215 shares during the period. Signaturefd LLC lifted its stake in shares of CONMED by 82.7% during the 3rd quarter. Signaturefd LLC now owns 548 shares of the company’s stock valued at $25,000 after buying an additional 248 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in CONMED by 48.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock valued at $42,000 after acquiring an additional 341 shares during the period. Choreo LLC increased its stake in CONMED by 3.0% during the 3rd quarter. Choreo LLC now owns 16,571 shares of the company’s stock valued at $766,000 after purchasing an additional 480 shares in the last quarter. Finally, HB Wealth Management LLC lifted its position in shares of CONMED by 4.0% in the first quarter. HB Wealth Management LLC now owns 16,620 shares of the company’s stock valued at $588,000 after acquiring an additional 636 shares in the last quarter.

About CONMED

CONMED Corporation is a medical technology company that develops, manufactures, and sells surgical devices and related equipment. Its products are used by hospitals, ambulatory surgery centers, and other healthcare providers in orthopedic and general surgery procedures.

The company’s orthopedic portfolio includes arthroscopy systems, powered surgical instruments, sports medicine products, tissue ablation systems, implants, and related accessories. Its general surgery offerings include electrosurgical equipment, insufflation systems, smoke evacuation products, surgical visualization technologies, and devices used in minimally invasive procedures.

Founded in 1970, CONMED serves healthcare customers through direct sales and distribution channels in the United States and international markets.