CONMED (NYSE:CNMD) Stock Price Down 5.6% – Here’s What Happened

CONMED Corporation (NYSE:CNMD)’s stock price was down 5.6% during trading on Tuesday . The stock traded as low as $32.59 and last traded at $32.4850. 48,064 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 518,463 shares. The stock had previously closed at $34.41.

Analyst Upgrades and Downgrades

CNMD has been the topic of a number of recent research reports. Weiss Ratings reissued a “sell (d)” rating on shares of CONMED in a research note on Thursday, June 4th. Wall Street Zen downgraded CONMED from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Bank of America reissued an “underperform” rating and set a $40.00 price target on shares of CONMED in a research report on Monday. Piper Sandler lowered shares of CONMED from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $55.00 to $39.00 in a report on Tuesday, March 17th. Finally, Wells Fargo & Company cut their price objective on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Five equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $39.50.

CONMED Trading Down 5.7%

The firm has a market capitalization of $977.37 million, a PE ratio of 18.31, a PEG ratio of 1.77 and a beta of 0.92. The business has a fifty day moving average price of $35.84 and a two-hundred day moving average price of $38.60. The company has a current ratio of 2.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85.

CONMED (NYSE:CNMD) last posted 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 net margin of 4.00% and a return on equity of 13.84%. The company 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 company posted $0.95 earnings per share. CONMED’s revenue for the quarter was down 1.3% compared to the same quarter last year. Analysts expect that CONMED Corporation will post 4.38 EPS for the current fiscal year.

Institutional Trading of CONMED

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in shares of CONMED by 19.9% during the first quarter. AQR Capital Management LLC now owns 14,199 shares of the company’s stock worth $857,000 after buying an additional 2,357 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of CONMED by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company’s stock valued at $1,108,000 after buying an additional 800 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in CONMED by 5.8% during the 1st 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 acquiring an additional 4,565 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of CONMED by 34.6% during 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 in the last quarter. Finally, Creative Planning purchased a new position in shares of CONMED in the second quarter valued at approximately $310,000.

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.