CONMED (NYSE:CNMD) Rating Lowered to Buy at Wall Street Zen

Key Points

• Wall Street Zen downgraded CONMED from a "strong-buy" to a "buy" in its latest research note.
• Analyst sentiment is weak overall — MarketBeat reports a consensus rating of "Reduce" with an average price target of $50.17 after multiple firms (Bank of America, Piper Sandler) cut targets or ratings.
• CONMED beat Q4 estimates (EPS $1.43 vs. $1.32; revenue $373.2M, +7.9% YoY), but the stock trades around $34.79 near its one-year low and has a market cap of about $1.07 billion.

CONMED (NYSE:CNMD - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Monday.

Several other equities analysts have also recently weighed in on the stock. Needham & Company LLC reiterated a "hold" rating on shares of CONMED in a research note on Thursday, January 29th. Bank of America cut their target price on shares of CONMED from $65.00 to $52.00 and set a "neutral" rating for the company in a research report on Monday, December 8th. Zacks Research raised shares of CONMED from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 3rd. Wells Fargo & Company upgraded shares of CONMED to a "hold" rating in a research report on Wednesday, March 18th. Finally, Piper Sandler cut shares of CONMED from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $55.00 to $39.00 in a research note on Tuesday, March 17th. Seven analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, CONMED currently has a consensus rating of "Reduce" and an average price target of $50.17.

CONMED Stock Performance

CNMD stock opened at $34.79 on Monday. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.14 and a quick ratio of 1.01. CONMED has a 1 year low of $33.21 and a 1 year high of $61.08. The company has a market cap of $1.07 billion, a P/E ratio of 23.04, a price-to-earnings-growth ratio of 1.53 and a beta of 0.99. The stock's fifty day moving average price is $39.93 and its 200-day moving average price is $42.34.

CONMED (NYSE:CNMD - Get Free Report) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $1.43 EPS for the quarter, beating analysts' consensus estimates of $1.32 by $0.11. The company had revenue of $373.20 million during the quarter, compared to analysts' expectations of $366.88 million. CONMED had a return on equity of 14.23% and a net margin of 3.42%.CONMED's revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.34 earnings per share. On average, equities analysts forecast that CONMED will post 4.35 earnings per share for the current year.

Institutional Investors Weigh In On CONMED

Institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its position in shares of CONMED by 14.8% during the third quarter. GAMMA Investing LLC now owns 1,770 shares of the company's stock worth $83,000 after acquiring an additional 228 shares during the last quarter. WINTON GROUP Ltd increased its holdings in CONMED by 0.3% in the 4th quarter. WINTON GROUP Ltd now owns 78,887 shares of the company's stock valued at $3,203,000 after acquiring an additional 260 shares during the last quarter. Amalgamated Bank increased its holdings in CONMED by 3.3% in the 3rd quarter. Amalgamated Bank now owns 9,129 shares of the company's stock valued at $429,000 after acquiring an additional 294 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in CONMED by 48.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company's stock worth $42,000 after purchasing an additional 341 shares in the last quarter. Finally, Keeler Thomas Management LLC lifted its stake in CONMED by 1.6% in the 3rd quarter. Keeler Thomas Management LLC now owns 21,107 shares of the company's stock worth $993,000 after purchasing an additional 342 shares in 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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