CONMED (NASDAQ:CNMD) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
A number of other brokerages have also weighed in on CNMD. Barclays set a $78.00 price objective on shares of CONMED and gave the stock an “equal weight” rating in a report on Tuesday. Zacks Investment Research lowered shares of CONMED from a “buy” rating to a “hold” rating in a report on Tuesday, June 26th. Needham & Company LLC boosted their price objective on shares of CONMED from $73.00 to $83.00 and gave the stock a “buy” rating in a report on Thursday, August 2nd. Finally, Leerink Swann boosted their price objective on shares of CONMED from $76.00 to $81.00 and gave the stock a “market perform” rating in a report on Thursday, August 30th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. CONMED has a consensus rating of “Hold” and an average target price of $74.40.
Shares of CNMD traded down $0.28 during mid-day trading on Wednesday, reaching $72.88. The company’s stock had a trading volume of 2,387 shares, compared to its average volume of 238,060. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 38.69, a PEG ratio of 2.99 and a beta of 0.51. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.15 and a current ratio of 1.97. CONMED has a 52 week low of $49.09 and a 52 week high of $83.49.
In related news, EVP Daniel Jonas sold 4,000 shares of CONMED stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $79.73, for a total value of $318,920.00. Following the transaction, the executive vice president now directly owns 20,347 shares of the company’s stock, valued at $1,622,266.31. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peter K. Shagory sold 2,500 shares of CONMED stock in a transaction on Friday, August 31st. The stock was sold at an average price of $80.00, for a total transaction of $200,000.00. Following the completion of the transaction, the executive vice president now directly owns 3,655 shares in the company, valued at $292,400. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,000 shares of company stock worth $639,565. 3.13% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Robeco Institutional Asset Management B.V. purchased a new position in shares of CONMED in the second quarter worth $154,000. Itau Unibanco Holding S.A. purchased a new position in CONMED during the 2nd quarter valued at $165,000. Wendell David Associates Inc. purchased a new position in CONMED during the 3rd quarter valued at $208,000. Hartford Investment Management Co. purchased a new position in CONMED during the 2nd quarter valued at $203,000. Finally, Pillar Pacific Capital Management LLC purchased a new position in CONMED during the 2nd quarter valued at $220,000. 96.44% of the stock is currently owned by institutional investors.
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.
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