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

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

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company decreased their price objective on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Piper Sandler dropped their price target on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Stifel Nicolaus cut their price objective on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Finally, Needham & Company LLC lowered their target price on CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, CONMED has a consensus rating of “Moderate Buy” and a consensus target price of $79.80.

CONMED Stock Down 5.0 %

CNMD traded down $3.62 during midday trading on Tuesday, reaching $68.30. 523,707 shares of the company were exchanged, compared to its average volume of 497,318. The company has a market cap of $2.10 billion, a price-to-earnings ratio of 26.17, a price-to-earnings-growth ratio of 0.98 and a beta of 1.46. CONMED has a one year low of $61.05 and a one year high of $117.27. The company’s fifty day moving average price is $71.08 and its 200 day moving average price is $72.09. 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 released its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. The business had revenue of $332.10 million during the quarter, compared to analyst estimates of $334.39 million. CONMED had a return on equity of 13.89% and a net margin of 7.73%. CONMED’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.83 EPS. As a group, analysts expect that CONMED will post 3.99 EPS for the current year.

Institutional Trading of CONMED

Several hedge funds and other institutional investors have recently modified their holdings of CNMD. Sanctuary Advisors LLC bought a new stake in shares of CONMED during the 2nd quarter valued at $913,000. Clearbridge Investments LLC lifted its holdings in shares of CONMED by 23.4% in the second quarter. Clearbridge Investments LLC now owns 421,465 shares of the company’s stock worth $29,216,000 after buying an additional 80,025 shares in the last quarter. Creative Planning boosted its position in shares of CONMED by 83.6% in the second quarter. Creative Planning now owns 7,136 shares of the company’s stock valued at $495,000 after acquiring an additional 3,250 shares during the period. The Manufacturers Life Insurance Company grew its stake in CONMED by 7.2% during the second quarter. The Manufacturers Life Insurance Company now owns 17,171 shares of the company’s stock valued at $1,190,000 after acquiring an additional 1,154 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C increased 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 worth $43,759,000 after acquiring an additional 293,099 shares during the period.

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.