JPMorgan Chase & Co. Cuts CONMED (NYSE:CNMD) Price Target to $52.00

CONMED (NYSE:CNMD) had its price objective cut by equities researchers at JPMorgan Chase & Co. from $58.00 to $52.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 17.82% from the company’s current price.

Several other brokerages have also recently issued reports on CNMD. Weiss Ratings restated a “sell (d+)” rating on shares of CONMED in a report on Wednesday, October 8th. Piper Sandler cut their price target on shares of CONMED from $68.00 to $55.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Wells Fargo & Company cut their price target on shares of CONMED from $57.00 to $47.00 and set an “equal weight” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $54.00.

CONMED Trading Down 0.7%

Shares of CONMED stock traded down $0.31 on Thursday, hitting $44.14. The stock had a trading volume of 848,711 shares, compared to its average volume of 458,204. The company has a quick ratio of 1.00, a current ratio of 2.23 and a debt-to-equity ratio of 0.88. CONMED has a one year low of $41.62 and a one year high of $78.00. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.59 and a beta of 1.15. The stock’s 50-day simple moving average is $48.63 and its two-hundred day simple moving average is $51.99.

CONMED (NYSE:CNMD) last issued its earnings results on Wednesday, November 5th. The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.03. CONMED had a net margin of 8.31% and a return on equity of 14.43%. The firm had revenue of $337.93 million for the quarter, compared to analysts’ expectations of $334.76 million. During the same quarter last year, the business earned $1.05 earnings per share. The business’s revenue was up 6.7% on a year-over-year basis. CONMED has set its FY 2025 guidance at 4.480-4.530 EPS. As a group, sell-side analysts predict that CONMED will post 4.35 EPS for the current year.

Insider Activity at CONMED

In other news, Director Charles Farkas sold 2,000 shares of the business’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $53.52, for a total transaction of $107,040.00. Following the sale, the director owned 14,859 shares in the company, valued at approximately $795,253.68. The trade was a 11.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CONMED

Several large investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its position in shares of CONMED by 17.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,542 shares of the company’s stock worth $80,000 after purchasing an additional 225 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in CONMED by 4.6% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,462 shares of the company’s stock worth $330,000 after buying an additional 239 shares during the last quarter. Amalgamated Bank raised its position in CONMED by 3.3% in the 3rd quarter. Amalgamated Bank now owns 9,129 shares of the company’s stock worth $429,000 after buying an additional 294 shares during the last quarter. Smartleaf Asset Management LLC raised its position in CONMED by 15.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,260 shares of the company’s stock worth $133,000 after buying an additional 298 shares during the last quarter. Finally, Connable Office Inc. raised its position in CONMED by 5.7% in the 1st quarter. Connable Office Inc. now owns 6,092 shares of the company’s stock worth $368,000 after buying an additional 326 shares during the last quarter.

About CONMED

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.