Wells Fargo & Company Has Lowered Expectations for CONMED (NYSE:CNMD) Stock Price

CONMED (NYSE:CNMD) had its price objective dropped by equities research analysts at Wells Fargo & Company from $70.00 to $57.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential downside of 0.90% from the company’s current price.

A number of other analysts have also recently issued reports on CNMD. JPMorgan Chase & Co. cut shares of CONMED from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $85.00 to $70.00 in a research note on Thursday, February 6th. Needham & Company LLC reduced their price objective on shares of CONMED from $91.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Stifel Nicolaus downgraded shares of CONMED from a “buy” rating to a “hold” rating and lowered their target price for the stock from $75.00 to $55.00 in a research report on Monday, April 28th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $62.20.

CONMED Trading Up 0.6 %

CONMED stock opened at $57.52 on Thursday. The company has a quick ratio of 1.06, a current ratio of 2.30 and a debt-to-equity ratio of 0.94. CONMED has a 12 month low of $46.00 and a 12 month high of $78.58. The company’s fifty day simple moving average is $56.10 and its 200-day simple moving average is $64.78. The stock has a market cap of $1.78 billion, a P/E ratio of 13.57, a P/E/G ratio of 1.83 and a beta of 1.28.

CONMED (NYSE:CNMD) last issued its earnings results on Wednesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.14. The company had revenue of $321.26 million for the quarter, compared to analyst estimates of $313.38 million. CONMED had a return on equity of 14.31% and a net margin of 10.13%. The business’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.79 EPS. As a group, sell-side analysts forecast that CONMED will post 4.35 EPS for the current fiscal year.

Institutional Investors Weigh In On CONMED

Several hedge funds have recently modified their holdings of the business. Cooke & Bieler LP boosted its holdings in CONMED by 5.8% in the 1st quarter. Cooke & Bieler LP now owns 702,623 shares of the company’s stock valued at $42,431,000 after purchasing an additional 38,580 shares during the period. Victory Capital Management Inc. lifted its stake in shares of CONMED by 5.4% in the first quarter. Victory Capital Management Inc. now owns 15,799 shares of the company’s stock valued at $954,000 after buying an additional 815 shares during the period. Aurora Investment Counsel grew its position in CONMED by 3.0% during the first quarter. Aurora Investment Counsel now owns 17,650 shares of the company’s stock worth $1,066,000 after buying an additional 517 shares in the last quarter. Cerity Partners LLC acquired a new position in CONMED in the 1st quarter valued at approximately $633,000. Finally, Envestnet Asset Management Inc. lifted its position in shares of CONMED by 6.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 159,750 shares of the company’s stock worth $9,647,000 after acquiring an additional 10,040 shares during the period.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.