Wall Street Zen Downgrades CONMED (NYSE:CNMD) to Buy

CONMED (NYSE:CNMD) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Other research analysts also recently issued research reports about the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of CONMED in a report on Wednesday, January 21st. Piper Sandler lowered CONMED from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. Bank of America lowered their target price on CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a research note on Monday, December 8th. Needham & Company LLC reiterated a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Finally, Wells Fargo & Company raised shares of CONMED to a “hold” rating in a research report on Wednesday, March 18th. Seven research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $50.17.

CONMED Stock Down 2.2%

Shares of NYSE:CNMD opened at $35.97 on Friday. The firm has a 50 day simple moving average of $41.17 and a 200 day simple moving average of $43.58. CONMED has a 52 week low of $35.37 and a 52 week high of $61.25. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 2.14. The company has a market cap of $1.11 billion, a PE ratio of 23.82, a price-to-earnings-growth ratio of 1.58 and a beta of 0.91.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.11. The firm had revenue of $373.20 million for the quarter, compared to analysts’ expectations of $366.88 million. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.34 EPS. As a group, research analysts expect that CONMED will post 4.35 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Tributary Capital Management LLC bought a new stake in CONMED in the third quarter worth $19,549,000. Dynamic Technology Lab Private Ltd bought a new position in CONMED during the second quarter valued at about $659,000. SG Americas Securities LLC lifted its position in shares of CONMED by 3,041.3% in the third quarter. SG Americas Securities LLC now owns 63,894 shares of the company’s stock worth $3,005,000 after buying an additional 61,860 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of CONMED by 31.9% in the third quarter. Envestnet Asset Management Inc. now owns 168,380 shares of the company’s stock worth $7,919,000 after buying an additional 40,697 shares during the last quarter. Finally, Segall Bryant & Hamill LLC bought a new stake in shares of CONMED during the 2nd quarter worth about $1,397,000.

CONMED Company Profile

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.