CONMED (NYSE:CNMD) Rating Increased to Buy at StockNews.com

CONMED (NYSE:CNMD) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

CNMD has been the topic of several other research reports. Piper Sandler decreased their price target on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Stifel Nicolaus lowered their price objective on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company cut their price target on CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Finally, Needham & Company LLC restated a “buy” rating and issued a $97.00 price objective on shares of CONMED in a report on Friday, October 4th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $79.80.

CONMED Price Performance

Shares of CONMED stock opened at $63.89 on Wednesday. The stock’s fifty day moving average is $70.59 and its 200 day moving average is $71.73. CONMED has a one year low of $61.05 and a one year high of $117.27. The stock has a market cap of $1.97 billion, a P/E ratio of 24.48, a P/E/G ratio of 0.98 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.13 and a current ratio of 2.34.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.06. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The firm had revenue of $332.10 million during the quarter, compared to the consensus estimate of $334.39 million. During the same quarter in the previous year, the firm posted $0.83 earnings per share. The company’s revenue was up 4.5% on a year-over-year basis. Sell-side analysts anticipate that CONMED will post 3.99 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of CONMED by 1.1% in the first quarter. Vanguard Group Inc. now owns 3,456,834 shares of the company’s stock worth $276,823,000 after purchasing an additional 36,823 shares during the last quarter. Earnest Partners LLC lifted its position in CONMED by 18.9% in the second quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock valued at $195,386,000 after purchasing an additional 447,498 shares during the last quarter. Champlain Investment Partners LLC boosted its holdings in CONMED by 36.1% in the first quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company’s stock valued at $104,349,000 after acquiring an additional 345,735 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its position in CONMED by 86.7% during the second quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock valued at $43,759,000 after buying an additional 293,099 shares during the period. Finally, Cooke & Bieler LP increased its position in CONMED by 49.8% during the 2nd quarter. Cooke & Bieler LP now owns 628,621 shares of the company’s stock valued at $43,576,000 after buying an additional 209,064 shares in the last quarter.

About CONMED

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.