CONMED (NYSE:CNMD) Stock Price Up 11.6% - Still a Buy?

Key Points

• CONMED shares jumped 11.6% in Thursday trading, briefly reaching $36.28 before last trading around $37.48, with volume below its daily average.
• Despite the stock move, analyst sentiment remains cautious: the average rating is “Reduce” with a consensus price target of $38.80, and several firms have issued Hold or Sell-equivalent ratings.
• CONMED’s latest earnings were mixed but slightly ahead of expectations, as it reported $0.89 EPS versus $0.82 expected and revenue of $317.05 million, though sales were down 1.3% year over year.

CONMED Corporation (NYSE:CNMD - Get Free Report) shares were up 11.6% during trading on Thursday . The company traded as high as $36.28 and last traded at $37.4830. 309,491 shares changed hands during trading, a decline of 40% from the average session volume of 518,587 shares. The stock had previously closed at $33.59.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. BMO Capital Markets began coverage on shares of CONMED in a report on Wednesday. They issued a "market perform" rating and a $36.00 price objective for the company. Bank of America reissued an "underperform" rating and issued a $40.00 price objective on shares of CONMED in a research note on Monday, June 29th. Piper Sandler lowered CONMED from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $55.00 to $39.00 in a report on Tuesday, March 17th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of CONMED in a research note on Thursday, June 4th. Finally, Wall Street Zen lowered CONMED from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 2nd. Six research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Reduce" and an average price target of $38.80.

CONMED Price Performance

The company has a market cap of $1.12 billion, a PE ratio of 21.01, a price-to-earnings-growth ratio of 2.53 and a beta of 0.93. The stock has a fifty day moving average price of $35.16 and a 200-day moving average price of $38.29. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.29 and a quick ratio of 1.04.

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

Hedge Funds Weigh In On CONMED

Several large investors have recently made changes to their positions in the business. Wasatch Advisors LP bought a new stake in shares of CONMED in the 3rd quarter worth approximately $47,026,000. Invenomic Capital Management LP acquired a new position in shares of CONMED in the third quarter valued at $19,753,000. Arrowstreet Capital Limited Partnership raised its stake in shares of CONMED by 217.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 419,092 shares of the company's stock valued at $14,819,000 after purchasing an additional 287,150 shares in the last quarter. Marshall Wace LLP bought a new position in CONMED in the fourth quarter worth $9,029,000. Finally, Dimensional Fund Advisors LP boosted its stake in CONMED by 19.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,296,776 shares of the company's stock worth $60,984,000 after buying an additional 214,126 shares in 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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