CONMED (NYSE:CNMD) Share Price Breaks Above 50-Day Moving Average – Time to Sell?

CONMED Corporation (NYSE:CNMD) shares crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $46.88 and traded as high as $47.79. CONMED shares last traded at $47.2340, with a volume of 510,099 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Weiss Ratings upgraded CONMED from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 21st. Wall Street Zen upgraded shares of CONMED from a “hold” rating to a “buy” rating in a research note on Monday, July 20th. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a report on Monday, July 13th. Zacks Research upgraded shares of CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Finally, JPMorgan Chase & Co. increased their price objective on shares of CONMED from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, October 29th. Seven investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $44.00.

CONMED Stock Up 1.4%

The company has a quick ratio of 0.70, a current ratio of 1.49 and a debt-to-equity ratio of 0.60. The business has a fifty day simple moving average of $46.88 and a two-hundred day simple moving average of $41.51. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 19.52, a P/E/G ratio of 2.16 and a beta of 0.90.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, October 28th. The company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.04. CONMED had a return on equity of 13.93% and a net margin of 5.36%. The company had revenue of $335.56 million for the quarter, compared to analyst estimates of $336.28 million. During the same period in the prior year, the company posted $1.08 EPS. The company’s revenue was down .7% compared to the same quarter last year. Equities analysts expect that CONMED Corporation will post 4.58 EPS for the current year.

Institutional Trading of CONMED

A number of large investors have recently bought and sold shares of CNMD. Pictet Asset Management Holding SA acquired a new position in CONMED during the third quarter worth $205,000. Bridge City Capital LLC lifted its holdings in shares of CONMED by 21.5% during the third quarter. Bridge City Capital LLC now owns 61,490 shares of the company’s stock valued at $2,843,000 after acquiring an additional 10,865 shares during the period. Choreo LLC lifted its holdings in shares of CONMED by 3.0% during the third quarter. Choreo LLC now owns 16,571 shares of the company’s stock valued at $766,000 after acquiring an additional 480 shares during the period. Signaturefd LLC boosted its stake in shares of CONMED by 82.7% in the 3rd quarter. Signaturefd LLC now owns 548 shares of the company’s stock valued at $25,000 after purchasing an additional 248 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in shares of CONMED in the 2nd quarter valued at $207,000.

About CONMED

CONMED Corporation is a medical technology company that develops, manufactures, and sells surgical devices and related equipment. Its products are used by hospitals, ambulatory surgery centers, and other healthcare providers in orthopedic and general surgery procedures.

The company’s orthopedic portfolio includes arthroscopy systems, powered surgical instruments, sports medicine products, tissue ablation systems, implants, and related accessories. Its general surgery offerings include electrosurgical equipment, insufflation systems, smoke evacuation products, surgical visualization technologies, and devices used in minimally invasive procedures.

Founded in 1970, CONMED serves healthcare customers through direct sales and distribution channels in the United States and international markets.