CONMED (NYSE:CNMD) Sets New 52-Week Low – What’s Next?

CONMED Corporation (NYSE:CNMD) shares reached a new 52-week low on Saturday . The stock traded as low as $38.95 and last traded at $40.1640, with a volume of 1285341 shares. The stock had previously closed at $44.24.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of CONMED from $58.00 to $52.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a research report on Wednesday, October 8th. Wells Fargo & Company dropped their price objective on CONMED from $57.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 6th. Finally, Piper Sandler cut their target price on CONMED from $68.00 to $55.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, CONMED currently has a consensus rating of “Hold” and an average price target of $54.00.

CONMED Stock Down 9.2%

The company has a current ratio of 2.10, a quick ratio of 0.95 and a debt-to-equity ratio of 0.85. The stock’s 50-day moving average price is $44.76 and its 200-day moving average price is $50.06. The company has a market cap of $1.24 billion, a P/E ratio of 19.59, a PEG ratio of 1.33 and a beta of 0.98.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.03. The business had revenue of $337.93 million for the quarter, compared to the consensus estimate of $334.76 million. CONMED had a return on equity of 14.22% and a net margin of 4.75%.The firm’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.05 EPS. CONMED has set its FY 2025 guidance at 4.480-4.530 EPS. As a group, research analysts forecast that CONMED Corporation will post 4.35 EPS for the current year.

Insider Activity

In related news, Director Charles Farkas sold 2,000 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $53.52, for a total value of $107,040.00. Following the transaction, the director directly owned 14,859 shares in the company, valued at $795,253.68. This trade represents a 11.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CONMED

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wasatch Advisors LP bought a new position in CONMED in the 3rd quarter worth about $47,026,000. Invenomic Capital Management LP bought a new stake in shares of CONMED during the 3rd quarter worth $19,753,000. Tributary Capital Management LLC bought a new position in CONMED in the third quarter valued at $19,549,000. Fuller & Thaler Asset Management Inc. raised its position in CONMED by 36.1% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,174,032 shares of the company’s stock valued at $70,900,000 after purchasing an additional 311,288 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in CONMED by 19.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,296,776 shares of the company’s stock valued at $60,984,000 after buying an additional 214,126 shares during the period.

About CONMED

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.