CONMED (NYSE:CNMD) Trading 11.6% Higher on Analyst Upgrade

CONMED Corporation (NYSE:CNMD) shares traded up 11.6% during mid-day trading on Thursday after BMO Capital Markets upgraded the stock to a hold rating. The stock traded as high as $36.28 and last traded at $37.4830. Approximately 309,491 shares traded hands during trading, a decline of 40% from the average daily volume of 518,587 shares. The stock had previously closed at $33.59.

A number of other research analysts also recently issued reports on the stock. Weiss Ratings restated a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Piper Sandler lowered CONMED from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. Wells Fargo & Company dropped their price objective on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Wall Street Zen cut shares of CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Finally, Bank of America reissued an “underperform” rating and set a $40.00 target price on shares of CONMED in a research note on Monday, June 29th. Six analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $38.80.

Institutional Investors Weigh In On CONMED

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc grew its stake in CONMED by 210.8% during the 2nd quarter. Versant Capital Management Inc now owns 1,125 shares of the company’s stock valued at $37,000 after acquiring an additional 763 shares in the last quarter. Pacer Advisors Inc. grew its holdings in CONMED by 11.0% in the 1st quarter. Pacer Advisors Inc. now owns 158,773 shares of the company’s stock valued at $5,614,000 after buying an additional 15,765 shares in the last quarter. Glenmede Trust Co. NA boosted its position in shares of CONMED by 35.6% during the 1st quarter. Glenmede Trust Co. NA now owns 275,888 shares of the company’s stock valued at $9,755,000 after acquiring an additional 72,412 shares during the last quarter. California State Teachers Retirement System grew its holdings in shares of CONMED by 38.1% in the first quarter. California State Teachers Retirement System now owns 39,340 shares of the company’s stock valued at $1,391,000 after purchasing an additional 10,845 shares during the period. Finally, Royal Bank of Canada increased its position in CONMED by 20.1% during the first quarter. Royal Bank of Canada now owns 22,619 shares of the company’s stock worth $799,000 after purchasing an additional 3,790 shares during the last quarter.

CONMED Trading Up 4.8%

The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85. The company’s 50-day moving average is $35.21 and its 200-day moving average is $38.27. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 21.71, a PEG ratio of 2.71 and a beta of 0.93.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.07. The business had revenue of $317.05 million during the quarter, compared to analysts’ expectations of $310.64 million. CONMED had a net margin of 4.00% and a return on equity of 13.84%. The business’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 EPS. Research analysts anticipate that CONMED Corporation will post 4.38 earnings per share for the current fiscal year.

About CONMED

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.