CONMED Corporation (NYSE:CNMD) Receives $39.50 Consensus Target Price from Analysts

Shares of CONMED Corporation (NYSE:CNMD) have received an average recommendation of “Reduce” from the seven brokerages that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $39.50.

A number of brokerages have weighed in on CNMD. Wall Street Zen lowered shares of CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Wells Fargo & Company reduced 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 note on Friday, May 1st. Weiss Ratings reissued a “sell (d)” rating on shares of CONMED in a report on Thursday, June 4th. JPMorgan Chase & Co. reduced their target price on CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, April 30th. Finally, Piper Sandler lowered 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.

CONMED Price Performance

Shares of NYSE CNMD opened at $34.31 on Wednesday. The company has a current ratio of 2.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85. The stock has a fifty day simple moving average of $35.25 and a two-hundred day simple moving average of $38.34. CONMED has a 1-year low of $31.44 and a 1-year high of $56.63. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 19.39, a price-to-earnings-growth ratio of 2.60 and a beta of 0.93.

CONMED (NYSE:CNMD) last issued its earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $310.64 million. During the same period in the previous year, the company posted $0.95 earnings per share. The business’s revenue was down 1.3% on a year-over-year basis. Analysts anticipate that CONMED will post 4.38 earnings per share for the current year.

Institutional Investors Weigh In On CONMED

Institutional investors and hedge funds have recently made changes to their positions in the business. Kestra Advisory Services LLC purchased a new position in CONMED during the fourth quarter worth about $26,000. Kelleher Financial Advisors purchased a new position in shares of CONMED during the third quarter worth about $28,000. Aster Capital Management DIFC Ltd increased its position in shares of CONMED by 409.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock worth $29,000 after purchasing an additional 581 shares during the last quarter. Versant Capital Management Inc raised its stake in CONMED by 210.8% in the second quarter. Versant Capital Management Inc now owns 1,125 shares of the company’s stock valued at $37,000 after purchasing an additional 763 shares in the last quarter. Finally, Quarry LP lifted its position in CONMED by 244.8% during the third quarter. Quarry LP now owns 869 shares of the company’s stock valued at $41,000 after purchasing an additional 617 shares during 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.