CONMED (NYSE:CNMD) Upgraded by Wall Street Zen to Strong-Buy Rating

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

CNMD has been the topic of several other research reports. Zacks Research raised shares of CONMED from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, January 21st. Piper Sandler downgraded CONMED from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. Bank of America lowered their target price on CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a report on Monday, December 8th. Finally, Wells Fargo & Company raised CONMED to a “hold” rating in a research report on Wednesday, March 18th. Seven research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, CONMED presently has an average rating of “Reduce” and a consensus price target of $50.17.

CONMED Trading Down 5.5%

Shares of CONMED stock opened at $34.63 on Friday. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of 22.94, a price-to-earnings-growth ratio of 1.52 and a beta of 0.91. CONMED has a 52-week low of $34.54 and a 52-week high of $61.13. The company’s 50-day simple moving average is $40.62 and its 200-day simple moving average is $43.03. 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 (NYSE:CNMD) last announced its quarterly earnings data 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. The firm had revenue of $373.20 million for the quarter, compared to analyst estimates of $366.88 million. CONMED had a return on equity of 14.23% and a net margin of 3.42%.CONMED’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.34 earnings per share. As a group, equities research analysts anticipate that CONMED will post 4.35 earnings per share for the current year.

Hedge Funds Weigh In On CONMED

Several institutional investors have recently added to or reduced their stakes in CNMD. Tributary Capital Management LLC purchased a new stake in CONMED in the 3rd quarter valued at about $19,549,000. Envestnet Asset Management Inc. lifted its holdings 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 acquiring an additional 40,697 shares during the period. SG Americas Securities LLC lifted its holdings 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 acquiring an additional 61,860 shares during the period. Fisher Asset Management LLC boosted its position in shares of CONMED by 9.3% in the third quarter. Fisher Asset Management LLC now owns 397,046 shares of the company’s stock worth $18,673,000 after acquiring an additional 33,725 shares during the last quarter. Finally, Villanova Investment Management Co LLC acquired a new stake in shares of CONMED in the third quarter worth approximately $2,763,000.

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.