CONMED (NYSE:CNMD) Shares Up 11.3% – What’s Next?

CONMED Corporation (NYSE:CNMD) was up 11.3% during mid-day trading on Wednesday. The company traded as high as $52.44 and last traded at $52.5590. 70,104 shares changed hands during trading, a decline of 86% from the average daily volume of 503,603 shares. The stock had previously closed at $47.23.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CNMD. Wall Street Zen upgraded CONMED from a “hold” rating to a “buy” rating in a research report on Monday, July 20th. Piper Sandler reaffirmed a “neutral” rating and set a $45.00 target price (up from $39.00) on shares of CONMED in a research note on Thursday, July 30th. Zacks Research upgraded shares of CONMED from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a report on Monday, July 13th. Finally, JPMorgan Chase & Co. raised their price objective on shares of CONMED from $45.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, October 29th. Seven equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $44.00.

CONMED Stock Performance

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.49 and a quick ratio of 0.70. The firm has a market capitalization of $1.58 billion, a PE ratio of 21.83, a P/E/G ratio of 2.16 and a beta of 0.90. The firm has a fifty day moving average price of $46.88 and a 200 day moving average price of $41.51.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, October 28th. The company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.04. The firm had revenue of $335.56 million for the quarter, compared to the consensus estimate of $336.28 million. CONMED had a return on equity of 13.93% and a net margin of 5.36%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.08 EPS. Research analysts anticipate that CONMED Corporation will post 4.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CONMED

Hedge funds have recently bought and sold shares of the business. Bessemer Group Inc. boosted its holdings in CONMED by 46.5% in the first quarter. Bessemer Group Inc. now owns 116,429 shares of the company’s stock worth $4,117,000 after purchasing an additional 36,940 shares in the last quarter. Bank of America Corp DE acquired a new position in shares of CONMED during the 2nd quarter worth about $43,904,000. Fifth Third Bancorp boosted its position in shares of CONMED by 497.4% in the first quarter. Fifth Third Bancorp now owns 70,623 shares of the company’s stock valued at $2,497,000 after acquiring an additional 58,801 shares during the period. Bank of New York Mellon Corp bought a new position in CONMED during the second quarter worth $9,531,000. Finally, BlackRock Inc. acquired a new position in CONMED during the 2nd quarter valued at $157,783,000.

About CONMED

CONMED Corporation is a medical technology company that develops, manufactures, and sells surgical devices and related equipment. Its products are used by hospitals, ambulatory surgery centers, and other healthcare providers in orthopedic and general surgery procedures.

The company’s orthopedic portfolio includes arthroscopy systems, powered surgical instruments, sports medicine products, tissue ablation systems, implants, and related accessories. Its general surgery offerings include electrosurgical equipment, insufflation systems, smoke evacuation products, surgical visualization technologies, and devices used in minimally invasive procedures.

Founded in 1970, CONMED serves healthcare customers through direct sales and distribution channels in the United States and international markets.