CONMED Corporation (NYSE:CNMD) Receives Consensus Recommendation of "Reduce" from Analysts

Key Points

• Analysts have a consensus "Reduce" rating on CONMED (8 analysts: 1 sell, 7 hold) with an average 12‑month target of $50.17, and notable firm Piper Sandler recently downgraded the stock and cut its price target to $39.00.
• Shares opened at $37.89 and were trading down 3.9%, sitting nearer the 52‑week low ($33.21) than the high ($61.08), with a market cap of about $1.14 billion and a PE of 25.09.
• CONMED recently beat quarterly expectations with EPS of $1.43 versus $1.32 est. and revenue of $373.2M (up 7.9% YoY), while consensus expects about 4.35 EPS for the current fiscal year.

CONMED Corporation (NYSE:CNMD - Get Free Report) has been given an average recommendation of "Reduce" by the eight analysts that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and seven have given a hold recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $50.1667.

A number of research firms have commented on CNMD. Zacks Research raised CONMED from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 3rd. Wall Street Zen raised CONMED from a "buy" rating to a "strong-buy" rating in a research report on Tuesday. Piper Sandler downgraded CONMED from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $55.00 to $39.00 in a report on Tuesday, March 17th. Weiss Ratings reissued a "sell (d+)" rating on shares of CONMED in a research report on Wednesday, January 21st. Finally, Wells Fargo & Company upgraded shares of CONMED to a "hold" rating in a research note on Wednesday, March 18th.

CONMED Trading Down 3.9%

Shares of NYSE CNMD opened at $37.89 on Friday. The firm's 50 day moving average price is $39.55 and its 200-day moving average price is $41.71. CONMED has a 52-week low of $33.21 and a 52-week high of $61.08. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 2.14. The company has a market cap of $1.14 billion, a PE ratio of 25.09, a P/E/G ratio of 1.73 and a beta of 0.99.

CONMED (NYSE:CNMD - Get Free Report) 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 company had revenue of $373.20 million during the quarter, compared to analyst estimates of $366.88 million. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.34 EPS. On average, equities research analysts expect that CONMED will post 4.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNMD. Vanguard Group Inc. grew its position in CONMED by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 3,684,439 shares of the company's stock worth $149,588,000 after purchasing an additional 73,533 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of CONMED by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,312,804 shares of the company's stock valued at $53,301,000 after buying an additional 16,028 shares during the period. Wasatch Advisors LP bought a new position in shares of CONMED during the 3rd quarter valued at $47,026,000. Cooke & Bieler LP boosted its stake in shares of CONMED by 23.2% in the 4th quarter. Cooke & Bieler LP now owns 867,817 shares of the company's stock worth $35,233,000 after buying an additional 163,494 shares during the last quarter. Finally, Deerfield Management Company L.P. boosted its stake in shares of CONMED by 8.6% in the 3rd quarter. Deerfield Management Company L.P. now owns 760,196 shares of the company's stock worth $35,752,000 after buying an additional 59,925 shares during the last quarter.

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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