CONMED (NYSE:CNMD) Stock Rating Upgraded by Wells Fargo & Company

CONMED (NYSE:CNMD) was upgraded by analysts at Wells Fargo & Company to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other equities research analysts also recently issued reports on the company. Needham & Company LLC reiterated a “hold” rating on shares of CONMED in a research report on Thursday, January 29th. Wall Street Zen upgraded CONMED from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CONMED in a report on Wednesday, January 21st. Piper Sandler downgraded CONMED from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $55.00 to $39.00 in a research report on Tuesday. Finally, Bank of America cut their price objective on CONMED from $65.00 to $52.00 and set a “neutral” rating for the company in a report on Monday, December 8th. Seven analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $50.17.

CONMED Price Performance

Shares of NYSE:CNMD opened at $36.77 on Wednesday. The company has a 50 day moving average of $41.31 and a 200 day moving average of $43.84. The company has a current ratio of 2.14, a quick ratio of 1.01 and a debt-to-equity ratio of 0.81. The stock has a market cap of $1.13 billion, a P/E ratio of 24.35, a P/E/G ratio of 1.61 and a beta of 0.91. CONMED has a 12 month low of $35.37 and a 12 month high of $61.25.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, January 28th. The company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.11. The business had revenue of $373.20 million for the quarter, compared to analysts’ expectations of $366.88 million. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.34 EPS. As a group, sell-side analysts forecast that CONMED will post 4.35 EPS for the current fiscal year.

Hedge Funds Weigh In On CONMED

Several institutional investors and hedge funds have recently bought and sold shares of CNMD. GAMMA Investing LLC increased its holdings in shares of CONMED by 14.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,770 shares of the company’s stock worth $83,000 after purchasing an additional 228 shares in the last quarter. WINTON GROUP Ltd lifted its holdings in shares of CONMED by 0.3% during the fourth quarter. WINTON GROUP Ltd now owns 78,887 shares of the company’s stock valued at $3,203,000 after purchasing an additional 260 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of CONMED by 3.3% during the third quarter. Amalgamated Bank now owns 9,129 shares of the company’s stock valued at $429,000 after purchasing an additional 294 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of CONMED by 48.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock valued at $42,000 after buying an additional 341 shares during the last quarter. Finally, Keeler Thomas Management LLC boosted its position in shares of CONMED by 1.6% during the third quarter. Keeler Thomas Management LLC now owns 21,107 shares of the company’s stock valued at $993,000 after buying an additional 342 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.