CONMED (NYSE:CNMD) Sees Large Volume Increase - What's Next?

Key Points

• CONMED shares jumped on unusually heavy volume, with about 859,527 shares traded Monday, up 62% from the prior session. The stock rose to $42.70 from a previous close of $38.48.
• Analyst sentiment remains cautious, with multiple firms cutting targets or issuing neutral/hold calls. The stock now carries a consensus rating of “Reduce” and a consensus price target of $38.80.
• Recent earnings beat expectations, as CONMED reported $0.89 per share versus the $0.82 estimate and revenue of $317.05 million, slightly above forecasts. However, revenue was still down 1.3% year over year.

CONMED Corporation (NYSE:CNMD - Get Free Report) shares saw unusually-strong trading volume on Monday . Approximately 859,527 shares changed hands during trading, an increase of 62% from the previous session's volume of 530,867 shares.The stock last traded at $42.6950 and had previously closed at $38.48.

Analyst Upgrades and Downgrades

CNMD has been the topic of several research analyst reports. Weiss Ratings restated a "sell (d)" rating on shares of CONMED in a report on Thursday, June 4th. BMO Capital Markets assumed coverage on CONMED in a report on Wednesday. They set a "market perform" rating and a $36.00 price objective for the company. Wells Fargo & Company reduced their price objective on CONMED from $42.00 to $39.00 and set an "equal weight" rating for the company in a research report on Friday, May 1st. Wall Street Zen downgraded CONMED from a "buy" rating to a "hold" rating in a research note on Sunday. Finally, JPMorgan Chase & Co. lowered their target price on CONMED from $43.00 to $40.00 and set a "neutral" rating on the stock in a research note on Thursday, April 30th. Six research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, CONMED has a consensus rating of "Reduce" and a consensus price target of $38.80.

CONMED Price Performance

The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $1.27 billion, a P/E ratio of 23.94, a P/E/G ratio of 2.85 and a beta of 0.93. The company's 50-day simple moving average is $35.21 and its 200 day simple moving average is $38.25.

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 for the quarter, compared to the consensus estimate of $310.64 million. During the same quarter last year, the firm earned $0.95 EPS. CONMED's revenue for the quarter was down 1.3% on a year-over-year basis. As a group, sell-side analysts expect that CONMED Corporation will post 4.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CONMED

Several institutional investors have recently bought and sold shares of CNMD. Kestra Advisory Services LLC bought a new stake in shares of CONMED during the 4th quarter worth about $26,000. Kelleher Financial Advisors acquired a new position in shares of CONMED during the 3rd quarter valued at about $28,000. Aster Capital Management DIFC Ltd raised its stake in shares of CONMED by 409.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company's stock valued at $29,000 after acquiring an additional 581 shares in the last quarter. Versant Capital Management Inc raised its stake 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 valued at $37,000 after acquiring an additional 763 shares in the last quarter. Finally, Quarry LP lifted its holdings in CONMED by 244.8% in the 3rd quarter. Quarry LP now owns 869 shares of the company's stock worth $41,000 after purchasing an additional 617 shares during the last quarter.

CONMED Company Profile

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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