CONMED Corporation (NYSE:CNMD) Stock Has Average Target Price of $44.00

CONMED Corporation (NYSE:CNMD) has earned an average recommendation of “Reduce” from the eight analysts that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and seven have issued a hold recommendation on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $44.00.

A number of research firms have recently weighed in on CNMD. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a research report on Monday, July 13th. Weiss Ratings upgraded shares of CONMED from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 21st. Wells Fargo & Company raised their target price on shares of CONMED from $46.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 29th. Wall Street Zen raised shares of CONMED from a “hold” rating to a “buy” rating in a research note on Monday, July 20th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $45.00 price target (up from $39.00) on shares of CONMED in a report on Thursday, July 30th.

CONMED Trading Down 1.7%

CONMED stock opened at $52.74 on Tuesday. The stock has a market cap of $1.57 billion, a PE ratio of 21.80, a P/E/G ratio of 2.49 and a beta of 0.90. The stock has a 50-day moving average price of $46.98 and a 200 day moving average price of $41.62. CONMED has a 52 week low of $31.44 and a 52 week high of $54.80. The company has a current ratio of 1.49, a quick ratio of 0.70 and a debt-to-equity ratio of 0.60.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, October 28th. The company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.04. CONMED had a net margin of 5.36% and a return on equity of 13.93%. The firm had revenue of $335.56 million during the quarter, compared to the consensus estimate of $336.28 million. During the same quarter in the previous year, the company posted $1.08 EPS. The firm’s revenue for the quarter was down .7% on a year-over-year basis. Equities research analysts predict that CONMED will post 4.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CONMED

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in CONMED during the second quarter worth approximately $157,783,000. Dimensional Fund Advisors LP boosted its holdings in shares of CONMED by 6.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,392,920 shares of the company’s stock valued at $49,250,000 after purchasing an additional 80,116 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of CONMED in the 2nd quarter valued at $43,904,000. Allspring Global Investments Holdings LLC grew its stake in shares of CONMED by 39.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 582,733 shares of the company’s stock valued at $20,705,000 after buying an additional 166,301 shares during the period. Finally, Paradigm Capital Management Inc. NY purchased a new stake in shares of CONMED during the 2nd quarter valued at $17,617,000.

CONMED Company Profile

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.