CONMED (NYSE:CNMD) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded CONMED from “buy” to “hold,” adding to a generally cautious analyst outlook on the stock.
• Several other firms have also turned more conservative, with recent ratings and price target cuts from Piper Sandler, JPMorgan, Wells Fargo, and BMO Capital Markets. Overall, the stock now carries a consensus rating of “Reduce” and an average price target of $38.80.
• CONMED shares rose 4.8% to $38.44, while the company recently beat quarterly EPS and revenue estimates even though revenue declined 1.3% year over year. The stock has traded between $31.44 and $56.63 over the past year.

CONMED (NYSE:CNMD - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Sunday.

A number of other equities research analysts have also weighed in on CNMD. Piper Sandler lowered CONMED from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $55.00 to $39.00 in a research note on Tuesday, March 17th. JPMorgan Chase & Co. cut their price target on shares of CONMED from $43.00 to $40.00 and set a "neutral" rating on the stock in a report on Thursday, April 30th. Weiss Ratings reiterated a "sell (d)" rating on shares of CONMED in a research note on Thursday, June 4th. Wells Fargo & Company decreased their price objective on shares of CONMED from $42.00 to $39.00 and set an "equal weight" rating for the company in a report on Friday, May 1st. Finally, BMO Capital Markets began coverage on shares of CONMED in a research note on Wednesday. They issued a "market perform" rating and a $36.00 target price on the stock. Six analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $38.80.

CONMED Stock Up 4.8%

NYSE:CNMD traded up $1.75 during trading hours on Friday, hitting $38.44. The stock had a trading volume of 1,430,135 shares, compared to its average volume of 589,989. The business has a 50 day simple moving average of $35.21 and a two-hundred day simple moving average of $38.27. CONMED has a 1-year low of $31.44 and a 1-year high of $56.63. The company has a current ratio of 2.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85. The company has a market cap of $1.16 billion, a PE ratio of 21.71, a price-to-earnings-growth ratio of 2.85 and a beta of 0.93.

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

Institutional Trading of CONMED

A number of institutional investors and hedge funds have recently modified their holdings of the business. Versant Capital Management Inc lifted its position in shares of CONMED by 210.8% in the 2nd quarter. Versant Capital Management Inc now owns 1,125 shares of the company's stock worth $37,000 after buying an additional 763 shares during the last quarter. Pacer Advisors Inc. boosted its stake in CONMED by 11.0% in the first quarter. Pacer Advisors Inc. now owns 158,773 shares of the company's stock valued at $5,614,000 after acquiring an additional 15,765 shares during the period. Glenmede Trust Co. NA boosted its stake in CONMED by 35.6% in the first quarter. Glenmede Trust Co. NA now owns 275,888 shares of the company's stock valued at $9,755,000 after acquiring an additional 72,412 shares during the period. California State Teachers Retirement System grew its holdings in shares of CONMED by 38.1% during the first quarter. California State Teachers Retirement System now owns 39,340 shares of the company's stock valued at $1,391,000 after purchasing an additional 10,845 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of CONMED by 20.1% during the first quarter. Royal Bank of Canada now owns 22,619 shares of the company's stock valued at $799,000 after purchasing an additional 3,790 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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