JPMorgan Chase & Co. Issues Pessimistic Forecast for CONMED (NYSE:CNMD) Stock Price

CONMED (NYSE:CNMD) had its price objective dropped by equities researchers at JPMorgan Chase & Co. from $70.00 to $58.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 0.83% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Needham & Company LLC cut their target price on shares of CONMED from $91.00 to $61.00 and set a “buy” rating for the company in a research report on Thursday. Stifel Nicolaus cut CONMED from a “buy” rating to a “hold” rating and cut their price objective for the stock from $75.00 to $55.00 in a research report on Monday, April 28th. Finally, Wells Fargo & Company lowered their target price on CONMED from $70.00 to $57.00 and set an “equal weight” rating on the stock in a report on Thursday. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $62.20.

CONMED Trading Up 0.6 %

Shares of NYSE:CNMD opened at $57.52 on Thursday. CONMED has a 1 year low of $46.00 and a 1 year high of $78.58. The firm has a fifty day moving average price of $56.10 and a 200 day moving average price of $64.78. The company has a current ratio of 2.30, a quick ratio of 1.06 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $1.78 billion, a PE ratio of 13.57, a P/E/G ratio of 1.83 and a beta of 1.28.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.81 by $0.14. CONMED had a return on equity of 14.31% and a net margin of 10.13%. The company had revenue of $321.26 million for the quarter, compared to the consensus estimate of $313.38 million. During the same quarter last year, the company posted $0.79 earnings per share. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. Analysts expect that CONMED will post 4.35 EPS for the current fiscal year.

Institutional Investors Weigh In On CONMED

Institutional investors have recently bought and sold shares of the business. Nordea Investment Management AB raised its stake in shares of CONMED by 31.5% in the 4th quarter. Nordea Investment Management AB now owns 73,587 shares of the company’s stock valued at $5,141,000 after buying an additional 17,633 shares in the last quarter. Avity Investment Management Inc. bought a new position in CONMED during the fourth quarter worth about $278,000. Bridge City Capital LLC lifted its stake in CONMED by 20.8% during the fourth quarter. Bridge City Capital LLC now owns 44,056 shares of the company’s stock worth $3,015,000 after purchasing an additional 7,597 shares during the period. Raymond James Financial Inc. acquired a new stake in CONMED during the fourth quarter valued at approximately $18,248,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of CONMED by 44.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 223,142 shares of the company’s stock valued at $15,029,000 after purchasing an additional 68,696 shares during the period.

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.