CONMED (NYSE:CNMD) Shares Gap Down – Should You Sell?

Shares of CONMED Corporation (NYSE:CNMD) gapped down prior to trading on Monday . The stock had previously closed at $35.95, but opened at $34.55. CONMED shares last traded at $33.4530, with a volume of 47,562 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. decreased their price objective on CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Wall Street Zen cut CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Piper Sandler lowered CONMED from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. Wells Fargo & Company cut their price target on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Finally, Bank of America reissued an “underperform” rating and set a $40.00 price objective on shares of CONMED in a research note on Monday. Five analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, CONMED currently has a consensus rating of “Reduce” and an average price target of $39.50.

CONMED Trading Down 5.3%

The company has a market cap of $1.02 billion, a P/E ratio of 19.25, a PEG ratio of 1.77 and a beta of 0.92. The firm’s 50 day moving average is $35.90 and its two-hundred day moving average is $38.63. The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.82 by $0.07. The company had revenue of $317.05 million for the quarter, compared to analyst estimates of $310.64 million. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.95 EPS. As a group, equities research analysts anticipate that CONMED Corporation will post 4.38 EPS for the current year.

Institutional Investors Weigh In On CONMED

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Kestra Advisory Services LLC bought a new stake in CONMED during the fourth quarter worth $26,000. Kelleher Financial Advisors purchased a new position in shares of CONMED in the 3rd quarter worth about $28,000. Aster Capital Management DIFC Ltd grew its position in CONMED by 409.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock valued at $29,000 after buying an additional 581 shares during the period. Quarry LP grew its position in CONMED by 244.8% during the third quarter. Quarry LP now owns 869 shares of the company’s stock valued at $41,000 after buying an additional 617 shares during the period. Finally, Huntington National Bank grew its holdings in CONMED by 111.8% during the third quarter. Huntington National Bank now owns 883 shares of the company’s stock valued at $42,000 after purchasing an additional 466 shares during the period.

CONMED Company Profile

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.