CONMED (NYSE:CNMD) Cut to Buy at Wall Street Zen

CONMED (NYSE:CNMD) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday.

CNMD has been the subject of a number of other reports. Needham & Company LLC restated a “hold” rating on shares of CONMED in a research report on Thursday, January 29th. Wells Fargo & Company raised CONMED to a “hold” rating in a research note on Wednesday. Piper Sandler cut CONMED from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $55.00 to $39.00 in a report on Tuesday. Zacks Research upgraded CONMED from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a research report on Wednesday, January 21st. Seven research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, CONMED currently has an average rating of “Reduce” and a consensus price target of $50.17.

CONMED Price Performance

CONMED stock opened at $35.97 on Friday. The company has a fifty day simple moving average of $41.17 and a 200-day simple moving average of $43.72. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 23.82, a PEG ratio of 1.62 and a beta of 0.91. The company has a quick ratio of 1.01, a current ratio of 2.14 and a debt-to-equity ratio of 0.81. CONMED has a 52-week low of $35.37 and a 52-week high of $61.25.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $1.43 earnings per share for the quarter, topping 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 firm had revenue of $373.20 million for the quarter, compared to analyst estimates of $366.88 million. During the same period in the previous year, the business posted $1.34 earnings per share. CONMED’s quarterly revenue was up 7.9% on a year-over-year basis. On average, equities analysts anticipate that CONMED will post 4.35 EPS for the current fiscal year.

Hedge Funds Weigh In On CONMED

Large investors have recently modified their holdings of the business. Tributary Capital Management LLC acquired a new position in CONMED during the third quarter worth $19,549,000. Dynamic Technology Lab Private Ltd acquired a new stake in CONMED in the second quarter valued at $659,000. SG Americas Securities LLC boosted its position in shares of CONMED by 3,041.3% during the 3rd quarter. SG Americas Securities LLC now owns 63,894 shares of the company’s stock worth $3,005,000 after purchasing an additional 61,860 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of CONMED by 31.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 168,380 shares of the company’s stock worth $7,919,000 after purchasing an additional 40,697 shares during the period. Finally, Segall Bryant & Hamill LLC acquired a new position in shares of CONMED during the 2nd quarter worth $1,397,000.

About CONMED

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.