StockNews.com Downgrades CONMED (NYSE:CNMD) to Hold

CONMED (NYSE:CNMD) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Friday.

Several other research firms also recently issued reports on CNMD. Wells Fargo & Company reduced their price target on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $97.00 price target on shares of CONMED in a research report on Thursday, October 31st. Stifel Nicolaus decreased their price objective on CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Finally, Piper Sandler cut their target price on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CONMED has a consensus rating of “Moderate Buy” and an average target price of $79.80.

CONMED Stock Down 1.1 %

CONMED stock opened at $74.78 on Friday. The company has a market capitalization of $2.31 billion, a PE ratio of 17.76, a PEG ratio of 0.91 and a beta of 1.45. CONMED has a 12-month low of $61.05 and a 12-month high of $117.27. The firm’s fifty day moving average is $69.61 and its 200 day moving average is $70.10. The company has a quick ratio of 1.06, a current ratio of 2.27 and a debt-to-equity ratio of 1.01.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.06. CONMED had a net margin of 10.23% and a return on equity of 13.84%. The company had revenue of $316.70 million for the quarter, compared to analysts’ expectations of $318.46 million. As a group, sell-side analysts predict that CONMED will post 4.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

CONMED Company Profile

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.