CONMED Corporation (NYSE:CNMD) Given Average Rating of "Reduce" by Analysts

Key Points

• CONMED now has an average analyst rating of "Reduce", with three sell ratings and five hold ratings among the eight analysts covering the stock. The average 1-year price target is $38.80.
• The stock was up 3.5% and opened at $42.73, above the consensus price target. It has traded between $31.44 and $56.63 over the past 52 weeks.
• In its most recent earnings report, CONMED beat EPS and revenue estimates, posting $0.89 per share on revenue of $317.05 million. However, revenue was still down 1.3% year over year.

CONMED Corporation (NYSE:CNMD - Get Free Report) has been assigned an average rating of "Reduce" from the eight analysts that are covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $38.80.

A number of brokerages have weighed in on CNMD. Bank of America reaffirmed an "underperform" rating and set a $40.00 target price on shares of CONMED in a research note on Monday, June 29th. Needham & Company LLC reissued a "hold" rating on shares of CONMED in a research report on Monday, July 13th. Weiss Ratings restated a "sell (d)" rating on shares of CONMED in a research note on Thursday, June 4th. Zacks Research lowered CONMED from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Finally, Wall Street Zen raised CONMED from a "hold" rating to a "buy" rating in a report on Monday, July 20th.

CONMED Stock Up 3.5%

Shares of NYSE CNMD opened at $42.73 on Friday. The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85. CONMED has a 52 week low of $31.44 and a 52 week high of $56.63. The firm's fifty day moving average is $36.47 and its 200 day moving average is $38.42. The company has a market cap of $1.29 billion, a price-to-earnings ratio of 24.14, a PEG ratio of 3.16 and a beta of 0.93.

CONMED (NYSE:CNMD - Get Free Report) last posted its earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.82 by $0.07. The company had revenue of $317.05 million during the quarter, compared to analyst estimates of $310.64 million. CONMED had a net margin of 4.00% and a return on equity of 13.84%. During the same period in the prior year, the business posted $0.95 earnings per share. CONMED's revenue for the quarter was down 1.3% on a year-over-year basis. On average, equities research analysts expect that CONMED will post 4.38 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNMD. Kestra Advisory Services LLC bought a new stake in CONMED during the fourth quarter valued at about $26,000. Kelleher Financial Advisors bought a new position in shares of CONMED in the third quarter worth about $28,000. Aster Capital Management DIFC Ltd lifted its position in shares of CONMED by 409.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company's stock valued at $29,000 after buying an additional 581 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of CONMED by 210.8% during the 2nd quarter. Versant Capital Management Inc now owns 1,125 shares of the company's stock valued at $37,000 after buying an additional 763 shares in the last quarter. Finally, Quarry LP grew its stake in shares of CONMED by 244.8% during the 3rd quarter. Quarry LP now owns 869 shares of the company's stock valued at $41,000 after acquiring an additional 617 shares during the period.

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.

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