Wells Fargo & Company Lowers CONMED (NYSE:CNMD) Price Target to $47.00

CONMED (NYSE:CNMD) had its target price reduced by equities research analysts at Wells Fargo & Company from $57.00 to $47.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 6.99% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of CONMED in a report on Wednesday, October 8th. Piper Sandler reduced their price objective on CONMED from $80.00 to $68.00 and set an “overweight” rating on the stock in a research note on Thursday, July 31st. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $54.00.

CONMED Stock Performance

Shares of CONMED stock opened at $43.93 on Thursday. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 1.59 and a beta of 1.15. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.23 and a quick ratio of 1.00. The business has a 50-day moving average of $48.23 and a 200 day moving average of $51.91. CONMED has a 12 month low of $41.62 and a 12 month high of $78.00.

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

Insiders Place Their Bets

In related news, Director Charles Farkas sold 2,000 shares of the stock in a transaction 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 transaction, the director directly owned 14,859 shares of the company’s stock, valued at $795,253.68. This trade represents a 11.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CONMED

Several hedge funds have recently made changes to their positions in the business. First National Bank of Omaha acquired a new position in CONMED in the 3rd quarter valued at about $307,000. Vanguard Group Inc. lifted its position in CONMED by 1.8% during the 3rd quarter. Vanguard Group Inc. now owns 3,610,906 shares of the company’s stock worth $169,821,000 after acquiring an additional 62,917 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of CONMED by 85.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 3,639 shares of the company’s stock valued at $171,000 after purchasing an additional 1,673 shares during the last quarter. Public Sector Pension Investment Board increased its holdings in shares of CONMED by 14.5% in the third quarter. Public Sector Pension Investment Board now owns 120,782 shares of the company’s stock valued at $5,680,000 after purchasing an additional 15,269 shares during the period. Finally, Versor Investments LP increased its holdings in shares of CONMED by 58.1% in the third quarter. Versor Investments LP now owns 6,622 shares of the company’s stock valued at $311,000 after purchasing an additional 2,434 shares during the period.

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.