CONMED (NYSE:CNMD) Shares Down 6.1% – Time to Sell?

CONMED Corporation (NYSE:CNMD)’s share price traded down 6.1% during trading on Wednesday . The company traded as low as $33.08 and last traded at $32.4650. 450,517 shares traded hands during mid-day trading, a decline of 11% from the average session volume of 504,168 shares. The stock had previously closed at $34.57.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CNMD shares. Wells Fargo & Company cut their target price on CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Weiss Ratings restated a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. JPMorgan Chase & Co. dropped their price objective on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Piper Sandler cut shares of CONMED from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $55.00 to $39.00 in a research report on Tuesday, March 17th. Finally, Wall Street Zen cut shares of CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Six research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $39.50.

CONMED Trading Up 1.5%

The company’s 50 day simple moving average is $36.37 and its 200-day simple moving average is $39.00. The firm has a market cap of $981.25 million, a P/E ratio of 18.41, a P/E/G ratio of 1.58 and a beta of 0.92. The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.07. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The firm had revenue of $317.05 million for the quarter, compared to analysts’ expectations of $310.64 million. During the same quarter in the prior year, the firm posted $0.95 earnings per share. The company’s quarterly revenue was down 1.3% on a year-over-year basis. As a group, research analysts predict that CONMED Corporation will post 4.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CONMED

Several hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC increased its stake in CONMED by 19.9% in the first quarter. AQR Capital Management LLC now owns 14,199 shares of the company’s stock worth $857,000 after purchasing an additional 2,357 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of CONMED by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company’s stock valued at $1,108,000 after purchasing an additional 800 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of CONMED by 5.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 82,686 shares of the company’s stock worth $4,993,000 after purchasing an additional 4,565 shares during the last quarter. Intech Investment Management LLC grew its holdings in shares of CONMED by 34.6% in the first quarter. Intech Investment Management LLC now owns 22,505 shares of the company’s stock worth $1,359,000 after purchasing an additional 5,780 shares during the last quarter. Finally, Creative Planning bought a new position in shares of CONMED in the second quarter worth about $310,000.

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.