CONMED Corporation (NYSE:CNMD) Given Consensus Recommendation of “Reduce” by Analysts

Shares of CONMED Corporation (NYSE:CNMD) have earned an average rating of “Reduce” from the eight analysts that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and seven have issued a hold recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $50.1667.

A number of equities analysts recently issued reports on CNMD shares. Zacks Research upgraded CONMED from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CONMED in a report on Wednesday, January 21st. Piper Sandler lowered CONMED from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $55.00 to $39.00 in a research report on Tuesday, March 17th. Wells Fargo & Company raised CONMED to a “hold” rating in a research note on Wednesday, March 18th. Finally, Bank of America reduced their price objective on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating for the company in a research note on Monday, December 8th.

Institutional Investors Weigh In On CONMED

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in CONMED by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 3,684,439 shares of the company’s stock worth $149,588,000 after purchasing an additional 73,533 shares during the period. Dimensional Fund Advisors LP raised its stake in CONMED by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,312,804 shares of the company’s stock valued at $53,301,000 after purchasing an additional 16,028 shares during the period. Wasatch Advisors LP purchased a new stake in shares of CONMED in the third quarter valued at $47,026,000. Cooke & Bieler LP lifted its holdings in shares of CONMED by 23.2% in the fourth quarter. Cooke & Bieler LP now owns 867,817 shares of the company’s stock valued at $35,233,000 after purchasing an additional 163,494 shares in the last quarter. Finally, Deerfield Management Company L.P. boosted its position in shares of CONMED by 8.6% in the third quarter. Deerfield Management Company L.P. now owns 760,196 shares of the company’s stock worth $35,752,000 after buying an additional 59,925 shares during the period.

CONMED Stock Down 2.2%

CNMD stock opened at $35.97 on Monday. The firm has a market cap of $1.11 billion, a PE ratio of 23.82, a P/E/G ratio of 1.58 and a beta of 0.91. CONMED has a 12 month low of $35.37 and a 12 month high of $61.25. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.14 and a quick ratio of 1.01. The firm has a 50 day simple moving average of $41.17 and a 200 day simple moving average of $43.58.

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 for 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 firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.34 earnings per share. Equities research analysts forecast that CONMED will post 4.35 earnings per share for the current fiscal year.

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.