CONMED (NYSE:CNMD) Stock Rating Lowered by Piper Sandler

Key Points

• Piper Sandler downgraded CONMED from "overweight" to "neutral" and cut its price objective from $55 to $39, implying only about a 4.17% upside from the current share price.
• Analyst views are mixed: MarketBeat shows a consensus rating of "Reduce" with an average price target of $50.17, while individual reports range from BofA's lowered $52 neutral to a "strong-buy" from Wall Street Zen and a "sell" from Weiss.
• Recent fundamentals: CONMED beat Q results on Jan. 28 with $1.43 EPS vs. $1.32 expected and $373.2M revenue (up 7.9% YoY); the stock trades around $37.44 with a $1.15B market cap and a 52‑week range of $35.37–$62.41.

CONMED (NYSE:CNMD - Get Free Report) was downgraded by stock analysts at Piper Sandler from an "overweight" rating to a "neutral" rating in a report issued on Tuesday, MarketBeat Ratings reports. They currently have a $39.00 price objective on the stock, down from their previous price objective of $55.00. Piper Sandler's price target would suggest a potential upside of 4.17% from the stock's current price.

CNMD has been the subject of several other research reports. Bank of America cut their price objective on CONMED from $65.00 to $52.00 and set a "neutral" rating for the company in a report on Monday, December 8th. Needham & Company LLC reiterated a "hold" rating on shares of CONMED in a research report on Thursday, January 29th. Wall Street Zen raised shares of CONMED from a "buy" rating to a "strong-buy" rating in a research note on Saturday, March 7th. Weiss Ratings reissued a "sell (d+)" rating on shares of CONMED in a report on Wednesday, January 21st. Finally, Zacks Research upgraded shares of CONMED from a "strong sell" rating to a "hold" rating in a research report on Tuesday, February 3rd. Seven research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, CONMED has an average rating of "Reduce" and a consensus price target of $50.17.

CONMED Trading Up 0.4%

Shares of CNMD stock opened at $37.44 on Tuesday. The company has a market capitalization of $1.15 billion, a PE ratio of 24.79, a price-to-earnings-growth ratio of 1.64 and a beta of 0.91. CONMED has a 52-week low of $35.37 and a 52-week high of $62.41. The business's fifty day moving average is $41.72 and its 200 day moving average is $44.06. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 2.14.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Tributary Capital Management LLC bought a new position in shares of CONMED during the 3rd quarter valued at $19,549,000. Dynamic Technology Lab Private Ltd bought a new stake in CONMED in the second quarter worth $659,000. SG Americas Securities LLC boosted its position in CONMED by 3,041.3% during the third quarter. SG Americas Securities LLC now owns 63,894 shares of the company's stock valued at $3,005,000 after buying an additional 61,860 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of CONMED by 31.9% during the third quarter. Envestnet Asset Management Inc. now owns 168,380 shares of the company's stock valued at $7,919,000 after buying an additional 40,697 shares during the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new position in shares of CONMED in the second quarter worth about $1,397,000.

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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