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

CONMED (NYSE:CNMD) had its price target dropped by Wells Fargo & Company from $57.00 to $47.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 11.37% from the company’s current price.

Several other equities analysts have also weighed in on the stock. Piper Sandler cut their price objective on shares of CONMED from $80.00 to $68.00 and set an “overweight” rating on the stock in a report on Thursday, July 31st. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, CONMED presently has a consensus rating of “Hold” and a consensus target price of $57.80.

CONMED Price Performance

Shares of CONMED stock traded down $2.24 during trading on Thursday, hitting $42.20. 179,968 shares of the company’s stock traded hands, compared to its average volume of 454,837. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.23 and a quick ratio of 1.00. The firm’s fifty day moving average price is $48.63 and its 200 day moving average price is $51.99. CONMED has a twelve month low of $41.62 and a twelve month high of $78.00. The company has a market cap of $1.31 billion, a PE ratio of 11.98, a PEG ratio of 1.59 and a beta of 1.14.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, November 5th. The company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.03. CONMED had a net margin of 8.31% and a return on equity of 14.43%. The firm had revenue of $337.93 million for the quarter, compared to analyst estimates of $334.76 million. During the same period in the previous year, the business earned $1.05 earnings per share. The company’s revenue for the quarter was up 6.7% compared to the same quarter last year. CONMED has set its FY 2025 guidance at 4.480-4.530 EPS. Analysts forecast that CONMED will post 4.35 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Charles Farkas sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $53.52, for a total value of $107,040.00. Following the transaction, the director owned 14,859 shares of the company’s stock, valued at approximately $795,253.68. This represents a 11.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CNMD. Keeler Thomas Management LLC bought a new position in shares of CONMED during the 2nd quarter worth approximately $1,081,000. Raymond James Financial Inc. increased its position in shares of CONMED by 46.5% during the first quarter. Raymond James Financial Inc. now owns 390,675 shares of the company’s stock valued at $23,592,000 after acquiring an additional 124,050 shares during the last quarter. Westwood Holdings Group Inc. increased its position in shares of CONMED by 41.1% during the first quarter. Westwood Holdings Group Inc. now owns 1,237,735 shares of the company’s stock valued at $74,747,000 after acquiring an additional 360,336 shares during the last quarter. Allianz Asset Management GmbH bought a new stake in CONMED during the first quarter worth $320,000. Finally, Envestnet Asset Management Inc. boosted its position in CONMED by 6.7% in the first quarter. Envestnet Asset Management Inc. now owns 159,750 shares of the company’s stock worth $9,647,000 after purchasing an additional 10,040 shares during the last quarter.

About CONMED

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.