CONMED (NYSE:CNMD) Price Target Cut to $77.00

CONMED (NYSE:CNMD) had its price objective dropped by equities researchers at Wells Fargo & Company from $98.00 to $77.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 17.02% from the company’s current price.

Other analysts have also issued reports about the company. JPMorgan Chase & Co. lowered their price objective on CONMED from $135.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, February 1st. Piper Sandler lowered their price objective on CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Needham & Company LLC lowered their price objective on CONMED from $129.00 to $107.00 and set a “buy” rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.86.

CONMED Stock Performance

Shares of NYSE:CNMD opened at $65.80 on Thursday. CONMED has a twelve month low of $61.05 and a twelve month high of $138.47. The firm has a market cap of $2.03 billion, a PE ratio of 25.21, a price-to-earnings-growth ratio of 0.63 and a beta of 1.33. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.96 and a current ratio of 1.98. The business has a fifty day moving average of $78.06 and a 200-day moving average of $93.44.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. CONMED had a return on equity of 13.99% and a net margin of 6.53%. The company had revenue of $312.27 million during the quarter, compared to analyst estimates of $307.06 million. On average, equities research analysts predict that CONMED will post 4.34 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 the stock. Oak Family Advisors LLC boosted its holdings in CONMED by 21.4% during the first quarter. Oak Family Advisors LLC now owns 7,951 shares of the company’s stock worth $637,000 after buying an additional 1,401 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of CONMED by 3.9% during the 1st quarter. Fifth Third Bancorp now owns 18,051 shares of the company’s stock valued at $1,446,000 after purchasing an additional 672 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of CONMED by 5.3% during the 1st quarter. Raymond James & Associates now owns 84,635 shares of the company’s stock valued at $6,778,000 after purchasing an additional 4,231 shares in the last quarter. AMI Asset Management Corp lifted its holdings in shares of CONMED by 31.1% during the 1st quarter. AMI Asset Management Corp now owns 55,728 shares of the company’s stock valued at $4,463,000 after purchasing an additional 13,204 shares in the last quarter. Finally, Diversified Trust Co lifted its holdings in shares of CONMED by 69.3% during the 1st quarter. Diversified Trust Co now owns 10,991 shares of the company’s stock valued at $880,000 after purchasing an additional 4,500 shares in the last quarter.

CONMED Company Profile

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.