CONMED (NYSE:CNMD) Stock Rating Upgraded by Zacks Research

CONMED (NYSE:CNMD) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

A number of other analysts have also recently issued reports on CNMD. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Piper Sandler cut their price target on shares of CONMED from $68.00 to $55.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Wells Fargo & Company lifted their price objective on CONMED from $41.00 to $42.00 and gave the company an “equal weight” rating in a research note on Thursday, January 29th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CONMED in a report on Wednesday, January 21st. Finally, JPMorgan Chase & Co. cut their price objective on CONMED from $58.00 to $52.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $52.83.

CONMED Stock Performance

Shares of NYSE CNMD traded up $0.78 during mid-day trading on Tuesday, reaching $40.71. 422,280 shares of the company’s stock were exchanged, compared to its average volume of 673,674. The firm has a 50-day moving average price of $41.09 and a two-hundred day moving average price of $46.13. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.10 and a quick ratio of 0.95. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 26.96, a price-to-earnings-growth ratio of 1.70 and a beta of 0.97. CONMED has a 52 week low of $35.37 and a 52 week high of $72.80.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, January 28th. The company reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.11. CONMED had a return on equity of 14.36% and a net margin of 3.42%.The business had revenue of $373.20 million during the quarter, compared to the consensus estimate of $366.88 million. During the same period last year, the business posted $1.34 earnings per share. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. Analysts predict that CONMED will post 4.35 EPS for the current year.

Hedge Funds Weigh In On CONMED

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Tributary Capital Management LLC bought a new stake in CONMED during the third quarter valued at about $19,549,000. Keeler Thomas Management LLC purchased a new position in CONMED in the 2nd quarter worth approximately $1,081,000. Dynamic Technology Lab Private Ltd bought a new position in CONMED in the 2nd quarter worth approximately $659,000. SG Americas Securities LLC grew its holdings in CONMED by 3,041.3% during the 3rd quarter. SG Americas Securities LLC now owns 63,894 shares of the company’s stock valued at $3,005,000 after buying an additional 61,860 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in CONMED by 0.7% during the 2nd quarter. Nordea Investment Management AB now owns 75,441 shares of the company’s stock valued at $3,948,000 after buying an additional 520 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.