CONMED (NYSE:CNMD) Downgraded by Piper Sandler to Neutral

Piper Sandler downgraded shares of CONMED (NYSE:CNMD) from an overweight rating to a neutral rating in a research note published on Tuesday morning, MarketBeat Ratings reports. The firm currently has $39.00 price target on the stock, down from their previous price target of $55.00.

A number of other equities analysts have also recently issued reports on CNMD. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a report on Wednesday, January 21st. Bank of America lowered their price target on CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a research report on Monday, December 8th. Wall Street Zen upgraded CONMED from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Finally, Zacks Research upgraded shares of CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Seven investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $50.17.

CONMED Price Performance

Shares of CONMED stock opened at $37.32 on Tuesday. The firm has a market cap of $1.15 billion, a P/E ratio of 24.71, a price-to-earnings-growth ratio of 1.64 and a beta of 0.91. The firm’s 50-day simple moving average is $41.59 and its 200-day simple moving average is $43.94. CONMED has a twelve month low of $35.37 and a twelve month high of $61.28. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 2.14.

CONMED (NYSE:CNMD) last posted its quarterly 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 firm had revenue of $373.20 million during the quarter, compared to analyst estimates of $366.88 million. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.34 earnings per share. As a group, research analysts expect that CONMED will post 4.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CNMD. Tributary Capital Management LLC acquired a new position in shares of CONMED during the third quarter valued at $19,549,000. Dynamic Technology Lab Private Ltd acquired a new stake in CONMED in the second quarter worth about $659,000. SG Americas Securities LLC raised its holdings in 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 during the last quarter. Envestnet Asset Management Inc. lifted its position in CONMED by 31.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 168,380 shares of the company’s stock valued at $7,919,000 after purchasing an additional 40,697 shares during the period. Finally, Segall Bryant & Hamill LLC bought a new position in shares of CONMED in the 2nd quarter valued at about $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.