CONMED (NYSE:CNMD) Upgraded to “Buy” at Wall Street Zen

CONMED (NYSE:CNMD) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

CNMD has been the subject of several other reports. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a research report on Wednesday, January 21st. Bank of America cut their price target on CONMED from $65.00 to $52.00 and set a “neutral” rating for the company in a research note on Monday, December 8th. JPMorgan Chase & Co. decreased their price objective on CONMED from $58.00 to $52.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Wells Fargo & Company raised their target price on CONMED from $41.00 to $42.00 and gave the company an “equal weight” rating in a report on Thursday, January 29th. 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 equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $52.83.

CONMED Price Performance

Shares of CNMD opened at $45.18 on Friday. CONMED has a 12-month low of $35.37 and a 12-month high of $64.87. The business’s fifty day moving average is $41.23 and its 200 day moving average is $45.51. The company has a quick ratio of 0.95, a current ratio of 2.14 and a debt-to-equity ratio of 0.81. The stock has a market cap of $1.39 billion, a P/E ratio of 29.92, a P/E/G ratio of 1.96 and a beta of 0.97.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.11. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The business had revenue of $373.20 million during the quarter, compared to analyst estimates of $366.88 million. During the same quarter in the previous year, the business posted $1.34 EPS. CONMED’s quarterly revenue was up 7.9% on a year-over-year basis. Sell-side analysts anticipate that CONMED will post 4.35 earnings per share for the current fiscal year.

Institutional Trading of CONMED

A number of hedge funds have recently bought and sold shares of CNMD. AQR Capital Management LLC grew its stake in CONMED by 19.9% in the 1st quarter. AQR Capital Management LLC now owns 14,199 shares of the company’s stock valued at $857,000 after purchasing an additional 2,357 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of CONMED by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company’s stock worth $1,108,000 after buying an additional 800 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of CONMED by 5.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 82,686 shares of the company’s stock worth $4,993,000 after buying an additional 4,565 shares during the last quarter. Intech Investment Management LLC grew its position in CONMED by 34.6% during the first quarter. Intech Investment Management LLC now owns 22,505 shares of the company’s stock valued at $1,359,000 after buying an additional 5,780 shares during the period. Finally, CWM LLC increased its holdings in CONMED by 352.0% during the second quarter. CWM LLC now owns 791 shares of the company’s stock worth $41,000 after buying an additional 616 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.