CONMED (NYSE:CNMD) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of CONMED (NYSE:CNMD) from a buy rating to a strong-buy rating in a research report released on Sunday morning.

Several other brokerages have also recently commented on CNMD. Piper Sandler cut CONMED from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a research report on Thursday, January 29th. Wells Fargo & Company raised CONMED to a “hold” rating in a research note on Wednesday, March 18th. Weiss Ratings restated a “sell (d+)” rating on shares of CONMED in a research report on Wednesday, January 21st. Finally, 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. Seven research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $50.17.

CONMED Stock Performance

Shares of CNMD opened at $35.36 on Friday. CONMED has a one year low of $33.21 and a one year high of $61.13. The company has a 50-day moving average of $40.33 and a two-hundred day moving average of $42.69. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 23.42, a PEG ratio of 1.47 and a beta of 0.91. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.14 and a quick ratio of 1.01.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, January 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.11. The business had revenue of $373.20 million for the quarter, compared to analyst estimates of $366.88 million. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The firm’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.34 earnings per share. On average, equities research analysts expect that CONMED will post 4.35 earnings per share for the current year.

Hedge Funds Weigh In On CONMED

A number of hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC raised its holdings in shares of CONMED by 14.8% during the third quarter. GAMMA Investing LLC now owns 1,770 shares of the company’s stock worth $83,000 after acquiring an additional 228 shares in the last quarter. WINTON GROUP Ltd grew its stake in CONMED by 0.3% in the fourth quarter. WINTON GROUP Ltd now owns 78,887 shares of the company’s stock valued at $3,203,000 after purchasing an additional 260 shares in the last quarter. Amalgamated Bank increased its position in CONMED by 3.3% in the 3rd quarter. Amalgamated Bank now owns 9,129 shares of the company’s stock worth $429,000 after purchasing an additional 294 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of CONMED by 48.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock worth $42,000 after purchasing an additional 341 shares in the last quarter. Finally, Keeler Thomas Management LLC raised its stake in shares of CONMED by 1.6% during the 3rd quarter. Keeler Thomas Management LLC now owns 21,107 shares of the company’s stock worth $993,000 after purchasing an additional 342 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.