CONMED (NYSE:CNMD) Shares Down 4.6% – What’s Next?

CONMED Corporation (NYSE:CNMD) shares fell 4.6% on Friday . The company traded as low as $41.81 and last traded at $42.1530. 78,445 shares were traded during trading, a decline of 86% from the average session volume of 551,122 shares. The stock had previously closed at $44.20.

Analysts Set New Price Targets

A number of research firms have commented on CNMD. Zacks Research downgraded shares of CONMED from a “hold” rating to a “strong sell” rating in a report on Thursday, January 1st. Piper Sandler cut their price target on CONMED from $68.00 to $55.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of CONMED in a research report on Wednesday, October 8th. Wells Fargo & Company dropped their target price on CONMED from $57.00 to $47.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. Finally, JPMorgan Chase & Co. reduced their price target on CONMED from $58.00 to $52.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $53.67.

CONMED Price Performance

The stock has a 50-day simple moving average of $42.08 and a 200 day simple moving average of $47.65. The company has a market cap of $1.33 billion, a PE ratio of 20.81, a P/E/G ratio of 2.86 and a beta of 0.96. The company has a quick ratio of 0.95, a current ratio of 2.10 and a debt-to-equity ratio of 0.85.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, November 5th. The company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.03. The business had revenue of $337.93 million during the quarter, compared to analysts’ expectations of $334.76 million. CONMED had a return on equity of 14.22% and a net margin of 4.75%.The company’s revenue was up 6.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.05 EPS. CONMED has set its FY 2025 guidance at 4.480-4.530 EPS. Equities analysts expect that CONMED Corporation will post 4.35 EPS for the current year.

Institutional Investors Weigh In On CONMED

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC lifted its holdings in shares of CONMED by 19.9% in the 1st quarter. AQR Capital Management LLC now owns 14,199 shares of the company’s stock worth $857,000 after acquiring an additional 2,357 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in CONMED by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company’s stock worth $1,108,000 after purchasing an additional 800 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of CONMED by 5.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 82,686 shares of the company’s stock worth $4,993,000 after buying an additional 4,565 shares during the period. Bayforest Capital Ltd grew its stake in shares of CONMED by 138.7% in the first quarter. Bayforest Capital Ltd now owns 4,847 shares of the company’s stock valued at $293,000 after buying an additional 2,816 shares in the last quarter. Finally, Intech Investment Management LLC raised its holdings in shares of CONMED by 34.6% in the 1st quarter. Intech Investment Management LLC now owns 22,505 shares of the company’s stock valued at $1,359,000 after buying an additional 5,780 shares during the period.

About CONMED

CONMED Corporation (NYSE: CNMD) is a global medical technology company headquartered in Utica, New York. Founded in 1970, CONMED develops, manufactures and markets a broad portfolio of surgical devices and accessories for minimally invasive procedures. The company’s product line supports surgeons and healthcare providers in specialties including orthopedics, general surgery, gastroenterology and gynecology.

CONMED operates two principal segments: Orthopedics, and Visualization & Energy.