CONMED (NYSE:CNMD) Trading 8.3% Higher – What’s Next?

CONMED Corporation (NYSE:CNMD) shares traded up 8.3% during trading on Thursday . The company traded as high as $35.55 and last traded at $35.7990. 29,213 shares traded hands during trading, a decline of 94% from the average session volume of 500,215 shares. The stock had previously closed at $33.06.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wells Fargo & Company lowered their price target on CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Piper Sandler cut 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. JPMorgan Chase & Co. lowered their price target on CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Wall Street Zen cut CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Finally, 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. Six equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, CONMED has an average rating of “Reduce” and a consensus price target of $43.80.

CONMED Price Performance

The stock has a 50 day simple moving average of $36.44 and a two-hundred day simple moving average of $39.53. The firm has a market cap of $1.06 billion, a PE ratio of 19.81, a price-to-earnings-growth ratio of 1.73 and a beta of 0.92. 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 (NYSE:CNMD) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.07. The business had revenue of $317.05 million during the quarter, compared to analyst estimates of $310.64 million. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The company’s revenue was down 1.3% on a year-over-year basis. During the same quarter last year, the business posted $0.95 EPS. Sell-side analysts expect that CONMED Corporation will post 4.38 earnings per share for the current year.

Hedge Funds Weigh In On CONMED

A number of institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC increased its stake in shares of CONMED by 19.9% in the 1st quarter. AQR Capital Management LLC now owns 14,199 shares of the company’s stock valued at $857,000 after purchasing an additional 2,357 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of CONMED by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company’s stock valued at $1,108,000 after purchasing an additional 800 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of CONMED by 5.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 82,686 shares of the company’s stock valued at $4,993,000 after purchasing an additional 4,565 shares in the last quarter. Intech Investment Management LLC increased its stake in shares of CONMED by 34.6% in the 1st quarter. Intech Investment Management LLC now owns 22,505 shares of the company’s stock valued at $1,359,000 after purchasing an additional 5,780 shares in the last quarter. Finally, Creative Planning purchased a new position in shares of CONMED in the 2nd quarter valued at about $310,000.

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.