Piper Sandler Cuts CONMED (NYSE:CNMD) Price Target to $68.00

Key Points

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CONMED (NYSE:CNMD - Get Free Report) had its price objective reduced by analysts at Piper Sandler from $80.00 to $68.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's target price points to a potential upside of 27.19% from the stock's previous close.

Several other equities research analysts also recently commented on CNMD. Wall Street Zen downgraded shares of CONMED from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th. Needham & Company LLC lowered CONMED from a "buy" rating to a "hold" rating and set a $61.00 target price on the stock. in a report on Thursday, June 12th. JPMorgan Chase & Co. dropped their target price on shares of CONMED from $70.00 to $58.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Wells Fargo & Company cut their price target on CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Finally, Stifel Nicolaus lowered CONMED from a "buy" rating to a "hold" rating and decreased their price target for the company from $75.00 to $55.00 in a research note on Monday, April 28th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $59.80.

CONMED Stock Performance

CONMED stock traded up $1.17 during midday trading on Thursday, reaching $53.46. 439,843 shares of the stock traded hands, compared to its average volume of 518,662. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.88. The firm has a fifty day moving average price of $52.98 and a two-hundred day moving average price of $57.30. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of 15.15, a PEG ratio of 1.78 and a beta of 1.17. CONMED has a fifty-two week low of $46.00 and a fifty-two week high of $78.19.

CONMED (NYSE:CNMD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.02. CONMED had a net margin of 8.31% and a return on equity of 14.43%. The company had revenue of $342.35 million during the quarter, compared to analyst estimates of $338.42 million. During the same period in the prior year, the business posted $0.98 EPS. The business's revenue for the quarter was up 3.1% compared to the same quarter last year. On average, equities research analysts forecast that CONMED will post 4.35 earnings per share for the current year.

Institutional Investors Weigh In On CONMED

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Peregrine Capital Management LLC increased its holdings in CONMED by 3.5% during the second quarter. Peregrine Capital Management LLC now owns 104,690 shares of the company's stock worth $5,452,000 after buying an additional 3,493 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in CONMED by 40.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 11,000 shares of the company's stock valued at $575,000 after buying an additional 3,178 shares during the period. Keeler Thomas Management LLC bought a new position in shares of CONMED in the 2nd quarter valued at $1,081,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of CONMED during the 2nd quarter valued at approximately $48,000. Finally, Aurora Investment Counsel boosted its holdings in shares of CONMED by 39.3% during the 2nd quarter. Aurora Investment Counsel now owns 24,580 shares of the company's stock valued at $1,280,000 after acquiring an additional 6,930 shares in the last quarter.

About CONMED

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.