CONMED (NYSE:CNMD) Upgraded at BMO Capital Markets

Key Points

• BMO Capital Markets upgraded CONMED to a “hold” rating, even as broader analyst sentiment remains cautious.
• Other firms have recently turned more negative, including Bank of America’s underperform call and Piper Sandler’s downgrade to neutral; the stock now carries an average rating of “Reduce” with a $38.80 target price.
• CONMED recently reported better-than-expected quarterly results, with EPS of $0.89 versus $0.82 expected and revenue of $317.05 million, though sales still declined 1.3% year over year.

CONMED (NYSE:CNMD - Get Free Report) was upgraded by investment analysts at BMO Capital Markets to a "hold" rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other equities research analysts have also recently commented on the company. Bank of America restated an "underperform" rating and issued a $40.00 target price on shares of CONMED in a research note on Monday, June 29th. Weiss Ratings reiterated a "sell (d)" rating on shares of CONMED in a report on Thursday, June 4th. Piper Sandler cut shares of CONMED from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. JPMorgan Chase & Co. cut their price objective on CONMED from $43.00 to $40.00 and set a "neutral" rating for the company in a report on Thursday, April 30th. Finally, Wells Fargo & Company reduced their price target on CONMED from $42.00 to $39.00 and set an "equal weight" rating for the company in a report on Friday, May 1st. Six analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $38.80.

CONMED Price Performance

CNMD stock opened at $36.69 on Wednesday. The stock has a 50-day moving average price of $35.16 and a two-hundred day moving average price of $38.27. CONMED has a 1 year low of $31.44 and a 1 year high of $56.63. The stock has a market cap of $1.10 billion, a PE ratio of 20.73, a price-to-earnings-growth ratio of 2.48 and a beta of 0.93. The company has a current ratio of 2.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85.

CONMED (NYSE:CNMD - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.07. The company had revenue of $317.05 million for the quarter, compared to analyst estimates of $310.64 million. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The company's quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 earnings per share. Equities analysts forecast that CONMED will post 4.38 EPS for the current fiscal year.

Institutional Investors Weigh In On CONMED

Several institutional investors and hedge funds have recently made changes to their positions in CNMD. Invenomic Capital Management LP bought a new stake in CONMED in the third quarter valued at approximately $19,753,000. Wedge Capital Management L L P NC increased its stake in CONMED by 165.2% in the fourth quarter. Wedge Capital Management L L P NC now owns 114,437 shares of the company's stock valued at $4,646,000 after purchasing an additional 71,282 shares in the last quarter. Tudor Investment Corp ET AL raised its stake in CONMED by 200.9% during the 3rd quarter. Tudor Investment Corp ET AL now owns 124,944 shares of the company's stock worth $5,876,000 after buying an additional 83,418 shares during the period. Tributary Capital Management LLC lifted its holdings in shares of CONMED by 29.4% in the 4th quarter. Tributary Capital Management LLC now owns 268,896 shares of the company's stock worth $10,917,000 after purchasing an additional 61,060 shares in the last quarter. Finally, Crawford Investment Counsel Inc. lifted its holdings in shares of CONMED by 12.6% in the 3rd quarter. Crawford Investment Counsel Inc. now owns 323,998 shares of the company's stock worth $15,238,000 after purchasing an additional 36,186 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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