CONMED (NYSE:CNMD) Stock Rating Lowered by Wall Street Zen

CONMED (NYSE:CNMD) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Sunday.

A number of other equities analysts have also issued reports on CNMD. Weiss Ratings reissued a “sell (d)” rating on shares of CONMED in a report on Thursday, June 4th. Piper Sandler cut CONMED from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $55.00 to $39.00 in a research note on Tuesday, March 17th. JPMorgan Chase & Co. lowered their price target on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, April 30th. BMO Capital Markets assumed coverage on shares of CONMED in a research note on Wednesday. They set a “market perform” rating and a $36.00 price objective on the stock. Finally, Wells Fargo & Company reduced their price objective on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Six research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $38.80.

CONMED Stock Performance

Shares of CONMED stock traded up $1.75 during trading on Friday, hitting $38.44. 1,430,135 shares of the stock were exchanged, compared to its average volume of 589,989. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 2.29. CONMED has a 12 month low of $31.44 and a 12 month high of $56.63. The stock’s fifty day moving average is $35.21 and its 200 day moving average is $38.27. The stock has a market cap of $1.16 billion, a PE ratio of 21.71, a P/E/G ratio of 2.85 and a beta of 0.93.

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

Hedge Funds Weigh In On CONMED

Hedge funds have recently modified their holdings of the stock. Kestra Advisory Services LLC purchased a new stake in shares of CONMED during the fourth quarter valued at $26,000. Kelleher Financial Advisors purchased a new stake in CONMED during the third quarter valued at about $28,000. Aster Capital Management DIFC Ltd boosted its holdings in shares of CONMED by 409.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock worth $29,000 after buying an additional 581 shares during the period. Versant Capital Management Inc increased its position in shares of CONMED by 210.8% in the second quarter. Versant Capital Management Inc now owns 1,125 shares of the company’s stock worth $37,000 after acquiring an additional 763 shares in the last quarter. Finally, Quarry LP raised its holdings in shares of CONMED by 244.8% during the third quarter. Quarry LP now owns 869 shares of the company’s stock valued at $41,000 after acquiring an additional 617 shares during the period.

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.