Analysts Set CONMED Corporation (NYSE:CNMD) Price Target at $38.80

CONMED Corporation (NYSE:CNMD) has been assigned an average recommendation of “Reduce” from the eight brokerages that are covering the company, MarketBeat reports. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $38.80.

Several analysts have weighed in on CNMD shares. Wells Fargo & Company set a $39.00 price target on shares of CONMED in a research note on Monday, July 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of CONMED in a research note on Monday, July 13th. Wall Street Zen raised CONMED from a “hold” rating to a “buy” rating in a research note on Monday, July 20th. Bank of America restated an “underperform” rating and set a $40.00 target price on shares of CONMED in a report on Monday, June 29th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of CONMED in a report on Thursday, June 4th.

Institutional Trading of CONMED

Institutional investors have recently made changes to their positions in the stock. Bessemer Group Inc. lifted its holdings in CONMED by 46.5% in the 1st quarter. Bessemer Group Inc. now owns 116,429 shares of the company’s stock worth $4,117,000 after buying an additional 36,940 shares during the period. Fifth Third Bancorp grew its position in shares of CONMED by 497.4% in the 1st quarter. Fifth Third Bancorp now owns 70,623 shares of the company’s stock worth $2,497,000 after buying an additional 58,801 shares during the last quarter. Tudor Investment Corp ET AL increased its stake in shares of CONMED by 200.9% during the third quarter. Tudor Investment Corp ET AL now owns 124,944 shares of the company’s stock valued at $5,876,000 after buying an additional 83,418 shares during the period. Wedge Capital Management L L P NC increased its stake in shares of CONMED by 165.2% during the fourth quarter. Wedge Capital Management L L P NC now owns 114,437 shares of the company’s stock valued at $4,646,000 after buying an additional 71,282 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of CONMED by 39.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 582,733 shares of the company’s stock valued at $20,705,000 after acquiring an additional 166,301 shares in the last quarter.

CONMED Trading Up 1.6%

CNMD stock opened at $44.20 on Friday. The company has a market capitalization of $1.33 billion, a PE ratio of 24.97, a price-to-earnings-growth ratio of 3.22 and a beta of 0.93. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 2.29. CONMED has a one year low of $31.44 and a one year high of $56.63. The company’s 50 day moving average price is $36.76 and its two-hundred day moving average price is $38.40.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.89 earnings per share (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 during the quarter, compared to analysts’ expectations of $310.64 million. During the same quarter in the prior year, the company earned $0.95 EPS. The firm’s revenue was down 1.3% on a year-over-year basis. As a group, analysts predict that CONMED will post 4.38 earnings per share for the current fiscal year.

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.