CONMED (NYSE:CNMD) Trading Down 6.7% – Here’s What Happened

CONMED Corporation (NYSE:CNMD)’s stock price was down 6.7% during mid-day trading on Friday . The company traded as low as $41.75 and last traded at $41.2850. Approximately 47,218 shares were traded during trading, a decline of 90% from the average daily volume of 460,912 shares. The stock had previously closed at $44.24.

Wall Street Analysts Forecast Growth

CNMD has been the subject of a number of research analyst reports. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a report on Wednesday, October 8th. Wells Fargo & Company dropped their target price on shares of CONMED from $57.00 to $47.00 and set an “equal weight” rating on the stock in a report on Thursday, November 6th. Piper Sandler reduced their target price on shares of CONMED from $68.00 to $55.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Finally, JPMorgan Chase & Co. dropped their price target on CONMED from $58.00 to $52.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, CONMED presently has an average rating of “Hold” and an average target price of $54.00.

CONMED Stock Down 10.7%

The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.95 and a current ratio of 2.10. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 19.33, a price-to-earnings-growth ratio of 1.47 and a beta of 0.98. The business’s 50 day moving average is $44.87 and its 200 day moving average is $50.32.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, November 5th. The company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.03. CONMED had a return on equity of 14.22% and a net margin of 4.75%.The company had revenue of $337.93 million during the quarter, compared to analyst estimates of $334.76 million. During the same quarter in the prior year, the company earned $1.05 earnings per share. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. CONMED has set its FY 2025 guidance at 4.480-4.530 EPS. Equities analysts expect that CONMED Corporation will post 4.35 earnings per share for the current year.

Insider Buying and Selling at CONMED

In other news, Director Charles Farkas sold 2,000 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $53.52, for a total value of $107,040.00. Following the completion of the sale, the director directly owned 14,859 shares of the company’s stock, valued at $795,253.68. This represents a 11.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CNMD. Wasatch Advisors LP purchased a new stake in CONMED in the 3rd quarter worth approximately $47,026,000. Invenomic Capital Management LP purchased a new stake in shares of CONMED during the third quarter worth $19,753,000. Tributary Capital Management LLC acquired a new stake in CONMED during the third quarter valued at $19,549,000. Fuller & Thaler Asset Management Inc. grew its stake in CONMED by 36.1% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,174,032 shares of the company’s stock valued at $70,900,000 after purchasing an additional 311,288 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in CONMED by 19.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,296,776 shares of the company’s stock worth $60,984,000 after purchasing an additional 214,126 shares during the last quarter.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.