CONMED (NYSE:CNMD) Trading Down 6.1% – What’s Next?

CONMED Corporation (NYSE:CNMD) shares dropped 6.1% during mid-day trading on Wednesday . The stock traded as low as $33.08 and last traded at $32.4650. Approximately 450,517 shares traded hands during mid-day trading, a decline of 11% from the average daily volume of 504,168 shares. The stock had previously closed at $34.57.

Wall Street Analyst Weigh In

CNMD has been the subject of several recent analyst reports. Bank of America lowered their price target on CONMED from $52.00 to $40.00 and set a “neutral” rating for the company in a research report on Monday, May 18th. Piper Sandler lowered CONMED from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. Wall Street Zen downgraded shares of CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Finally, JPMorgan Chase & Co. reduced their price target on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Six research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, CONMED presently has an average rating of “Reduce” and a consensus target price of $39.50.

CONMED Stock Performance

The company has a market cap of $963.34 million, a PE ratio of 18.05, a PEG ratio of 1.68 and a beta of 0.92. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.29 and a quick ratio of 1.04. The business has a 50-day moving average of $36.45 and a 200 day moving average of $39.16.

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

Hedge Funds Weigh In On CONMED

Institutional investors and hedge funds have recently bought and sold shares of the stock. Kelleher Financial Advisors purchased a new position in CONMED during the third quarter valued at $28,000. Kestra Advisory Services LLC purchased a new position in CONMED during the fourth quarter valued at $26,000. Aster Capital Management DIFC Ltd lifted 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 purchasing an additional 581 shares in the last quarter. Quarry LP lifted 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 purchasing an additional 617 shares in the last quarter. Finally, Huntington National Bank lifted its position 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 in the last quarter.

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.