CONMED (NYSE:CNMD) Shares Down 5.3% – Should You Sell?

Shares of CONMED Corporation (NYSE:CNMD) dropped 5.3% on Thursday . The stock traded as low as $34.50 and last traded at $34.3680. Approximately 75,893 shares changed hands during trading, a decline of 85% from the average daily volume of 501,047 shares. The stock had previously closed at $36.30.

Wall Street Analysts Forecast Growth

CNMD has been the topic of several recent research reports. Bank of America lowered their price target on shares of CONMED from $52.00 to $40.00 and set a “neutral” rating on the stock in a research report on Monday, May 18th. Piper Sandler cut shares of CONMED from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $55.00 to $39.00 in a research report on Tuesday, March 17th. Wall Street Zen cut shares of CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Finally, Wells Fargo & Company decreased their target price on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Six equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $43.80.

CONMED Price Performance

The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 19.56, a PEG ratio of 1.82 and a beta of 0.92. The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85. The company’s 50-day moving average price is $36.50 and its 200-day moving average price is $39.41.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.07. The business had revenue of $317.05 million for the quarter, compared to analysts’ expectations of $310.64 million. CONMED had a net margin of 4.00% and a return on equity of 13.84%. The business’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 earnings per share. On average, equities research analysts forecast that CONMED Corporation will post 4.38 EPS for the current year.

Institutional Trading of CONMED

Several hedge funds have recently made changes to their positions in the business. WINTON GROUP Ltd lifted its position in shares of CONMED by 0.3% during the fourth quarter. WINTON GROUP Ltd now owns 78,887 shares of the company’s stock worth $3,203,000 after purchasing an additional 260 shares in the last quarter. Rockefeller Capital Management L.P. increased its stake in CONMED by 48.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock valued at $42,000 after purchasing an additional 341 shares during the last quarter. California State Teachers Retirement System increased its stake in CONMED by 1.6% in the second quarter. California State Teachers Retirement System now owns 28,522 shares of the company’s stock valued at $1,485,000 after purchasing an additional 442 shares during the last quarter. State of Wyoming increased its stake in CONMED by 41.3% in the fourth quarter. State of Wyoming now owns 1,567 shares of the company’s stock valued at $64,000 after purchasing an additional 458 shares during the last quarter. Finally, Huntington National Bank increased its stake in CONMED by 111.8% in the third quarter. Huntington National Bank now owns 883 shares of the company’s stock valued at $42,000 after purchasing an additional 466 shares during the last quarter.

CONMED Company Profile

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.