CONMED Corporation (NYSE:CNMD) Receives $50.17 Consensus Price Target from Analysts

CONMED Corporation (NYSE:CNMD) has earned an average recommendation of “Reduce” from the eight brokerages that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating and seven have issued a hold rating on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $50.1667.

CNMD has been the topic of several analyst reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, January 21st. Zacks Research upgraded CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Bank of America dropped their target price on CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a research report on Monday, December 8th. Piper Sandler cut CONMED from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $55.00 to $39.00 in a research note on Tuesday, March 17th. Finally, Needham & Company LLC reissued a “hold” rating on shares of CONMED in a report on Thursday, January 29th.

CONMED Stock Down 5.5%

Shares of NYSE:CNMD opened at $34.63 on Monday. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 22.94, a price-to-earnings-growth ratio of 1.61 and a beta of 0.91. The company has a 50 day moving average of $40.62 and a two-hundred day moving average of $43.10. CONMED has a 52-week low of $34.54 and a 52-week high of $61.13. The company has a quick ratio of 1.01, a current ratio of 2.14 and a debt-to-equity ratio of 0.81.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, January 28th. The company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.11. The business 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 business’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.34 earnings per share. As a group, analysts forecast that CONMED will post 4.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CONMED

Several institutional investors and hedge funds have recently made changes to their positions in the business. Rockefeller Capital Management L.P. grew its position in shares of CONMED by 48.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock worth $42,000 after buying an additional 341 shares in the last quarter. Villanova Investment Management Co LLC raised its holdings in CONMED by 20.3% in the fourth quarter. Villanova Investment Management Co LLC now owns 70,655 shares of the company’s stock valued at $2,869,000 after acquiring an additional 11,906 shares in the last quarter. Pacer Advisors Inc. bought a new position in CONMED during the 4th quarter valued at $5,806,000. Invesco Ltd. boosted its stake in CONMED by 29.9% during the 4th quarter. Invesco Ltd. now owns 184,070 shares of the company’s stock valued at $7,473,000 after acquiring an additional 42,395 shares during the last quarter. Finally, State of Tennessee Department of Treasury grew its holdings in CONMED by 4.3% during the 4th quarter. State of Tennessee Department of Treasury now owns 21,139 shares of the company’s stock worth $812,000 after acquiring an additional 873 shares in the last quarter.

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.