JPMorgan Chase & Co. started coverage on shares of CONMED (NASDAQ:CNMD) in a report released on Tuesday, Marketbeat Ratings reports. The firm set an “overweight” rating and a $136.00 price target on the medical technology company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 20.36% from the company’s previous close.
CNMD has been the topic of several other research reports. Zacks Investment Research upgraded shares of CONMED from a “hold” rating to a “buy” rating and set a $116.00 target price on the stock in a report on Friday, November 1st. Piper Jaffray Companies upgraded shares of CONMED from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $88.00 to $110.00 in a report on Thursday, August 22nd. BidaskClub upgraded shares of CONMED from a “hold” rating to a “buy” rating in a report on Saturday, November 2nd. Barclays raised their target price on shares of CONMED from $96.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Finally, ValuEngine cut shares of CONMED from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. CONMED has a consensus rating of “Buy” and a consensus target price of $116.67.
NASDAQ CNMD traded up $0.33 during trading on Tuesday, hitting $112.99. 240,700 shares of the company’s stock traded hands, compared to its average volume of 256,393. CONMED has a 12-month low of $56.90 and a 12-month high of $114.00. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.40 and a current ratio of 2.48. The business has a 50 day moving average of $100.79 and a 200-day moving average of $91.90. The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of 51.83, a PEG ratio of 2.53 and a beta of 0.51.
CONMED (NASDAQ:CNMD) last issued its quarterly earnings results on Wednesday, October 30th. The medical technology company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.06. CONMED had a net margin of 3.15% and a return on equity of 10.50%. The business had revenue of $233.60 million for the quarter, compared to analysts’ expectations of $228.12 million. During the same period last year, the business earned $0.46 earnings per share. The business’s quarterly revenue was up 15.5% on a year-over-year basis. On average, analysts expect that CONMED will post 2.64 EPS for the current year.
In related news, EVP Peter K. Shagory sold 1,820 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $109.34, for a total value of $198,998.80. Following the completion of the sale, the executive vice president now owns 3,469 shares of the company’s stock, valued at $379,300.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Stanley W. Peters III sold 500 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $101.76, for a total value of $50,880.00. Following the completion of the sale, the vice president now directly owns 130 shares of the company’s stock, valued at approximately $13,228.80. The disclosure for this sale can be found here. 4.38% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in CNMD. Nuveen Asset Management LLC purchased a new stake in CONMED in the second quarter worth $24,934,000. Columbus Circle Investors purchased a new stake in CONMED in the third quarter worth $24,616,000. Eagle Asset Management Inc. lifted its stake in CONMED by 194.7% in the third quarter. Eagle Asset Management Inc. now owns 358,231 shares of the medical technology company’s stock worth $34,443,000 after acquiring an additional 236,680 shares during the period. Morgan Stanley lifted its stake in CONMED by 346.8% in the second quarter. Morgan Stanley now owns 139,856 shares of the medical technology company’s stock worth $11,968,000 after acquiring an additional 108,556 shares during the period. Finally, Carillon Tower Advisers Inc. purchased a new stake in CONMED in the third quarter worth $10,243,000.
CONMED Company Profile
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures worldwide. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.
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