CONMED Corporation (NYSE:CNMD) Given Average Rating of “Reduce” by Brokerages

Shares of CONMED Corporation (NYSE:CNMD) have received a consensus rating of “Reduce” from the eight research firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation and seven have given a hold recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $50.1667.

A number of research firms have recently issued reports on CNMD. Weiss Ratings reiterated a “sell (d+)” rating on shares of CONMED in a research report on Wednesday, January 21st. Piper Sandler downgraded shares of CONMED from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $55.00 to $39.00 in a research report on Tuesday, March 17th. Zacks Research upgraded shares of CONMED from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Wall Street Zen upgraded shares of CONMED from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 14th. Finally, Needham & Company LLC restated a “hold” rating on shares of CONMED in a research report on Thursday, January 29th.

CONMED Price Performance

CNMD stock opened at $37.46 on Friday. The firm has a 50 day moving average of $39.21 and a 200-day moving average of $41.42. CONMED has a 12-month low of $33.21 and a 12-month high of $61.08. The company has a current ratio of 2.14, a quick ratio of 1.01 and a debt-to-equity ratio of 0.81. The company has a market cap of $1.13 billion, a price-to-earnings ratio of 24.80, a PEG ratio of 1.69 and a beta of 0.99.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.11. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The company had revenue of $373.20 million during the quarter, compared to the consensus estimate of $366.88 million. During the same period last year, the firm earned $1.34 EPS. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, equities analysts expect that CONMED will post 4.36 EPS for the current fiscal year.

Hedge Funds Weigh In On CONMED

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNMD. Kestra Advisory Services LLC acquired a new position in CONMED during the fourth quarter worth about $26,000. Kelleher Financial Advisors acquired a new position in CONMED during the third quarter worth about $28,000. Aster Capital Management DIFC Ltd raised its position in CONMED by 409.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock worth $29,000 after acquiring an additional 581 shares during the last quarter. Quarry LP raised its position in CONMED by 244.8% during the third quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after acquiring an additional 617 shares during the last quarter. Finally, Huntington National Bank raised its position in CONMED by 111.8% during the third quarter. Huntington National Bank now owns 883 shares of the company’s stock worth $42,000 after acquiring an additional 466 shares during the last quarter.

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.