CONMED (NYSE:CNMD) PT Lowered to $75.00 at JPMorgan Chase & Co.

CONMED (NYSE:CNMD) had its target price reduced by investment analysts at JPMorgan Chase & Co. from $115.00 to $75.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 13.98% from the company’s current price.

Several other research firms also recently issued reports on CNMD. Wells Fargo & Company cut their price objective on CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a report on Thursday. Needham & Company LLC cut their price objective on CONMED from $129.00 to $107.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Piper Sandler cut their price objective on CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $107.86.

CONMED Price Performance

NYSE:CNMD opened at $65.80 on Thursday. CONMED has a 52 week low of $61.05 and a 52 week high of $138.47. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $2.03 billion, a P/E ratio of 25.21, a P/E/G ratio of 0.57 and a beta of 1.33. The stock’s fifty day moving average is $78.06 and its two-hundred day moving average is $93.44.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. CONMED had a return on equity of 13.99% and a net margin of 6.53%. The company had revenue of $312.27 million for the quarter, compared to the consensus estimate of $307.06 million. Equities analysts expect that CONMED will post 4.31 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Capital Research Global Investors grew its stake in CONMED by 11.8% during the 4th quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock worth $301,931,000 after purchasing an additional 289,996 shares in the last quarter. Earnest Partners LLC grew its stake in CONMED by 2.0% during the 3rd quarter. Earnest Partners LLC now owns 2,265,092 shares of the company’s stock worth $228,435,000 after purchasing an additional 44,076 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in CONMED by 5.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 712,332 shares of the company’s stock worth $78,010,000 after purchasing an additional 33,794 shares in the last quarter. Northern Trust Corp boosted its position in shares of CONMED by 0.3% during the 3rd quarter. Northern Trust Corp now owns 339,332 shares of the company’s stock worth $34,222,000 after acquiring an additional 1,115 shares in the last quarter. Finally, Ranger Investment Management L.P. boosted its position in shares of CONMED by 0.5% during the 4th quarter. Ranger Investment Management L.P. now owns 336,549 shares of the company’s stock worth $36,855,000 after acquiring an additional 1,675 shares in 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.