CONMED Corporation (CNMD) - What Are Brokerages Thinking About This Stock?

Key Points

• Broker sentiment is cautious: Eight analysts give CONMED an average “Reduce” rating, with one sell and seven hold recommendations. The average 12-month price target is $44, below the stock’s cited price of $46.57.
• Recent analyst actions were mixed, including upgrades from Wall Street Zen and Zacks Research, while Piper Sandler and JPMorgan maintained neutral or hold-equivalent ratings; JPMorgan raised its target to $50.
• CONMED slightly beat quarterly EPS expectations, reporting $1.04 versus the $1.00 consensus, but revenue declined 0.7% year over year to $335.56 million. Several institutional investors, including BlackRock and Bank of America, recently established or increased positions.

Shares of CONMED Corporation (NYSE:CNMD - Get Free Report) have received an average rating of "Reduce" from the eight brokerages that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation and seven have given a hold recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $44.00.

CNMD has been the subject of several recent research reports. Wall Street Zen upgraded CONMED from a "hold" rating to a "buy" rating in a research note on Monday, July 20th. Piper Sandler restated a "neutral" rating and set a $45.00 price objective (up from $39.00) on shares of CONMED in a research note on Thursday, July 30th. Zacks Research raised CONMED from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 11th. Needham & Company LLC reiterated a "hold" rating on shares of CONMED in a research report on Monday, July 13th. Finally, JPMorgan Chase & Co. boosted their price target on CONMED from $45.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, October 29th.

CONMED Stock Performance

NYSE CNMD opened at $46.57 on Tuesday. The company has a quick ratio of 0.69, a current ratio of 1.48 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $1.39 billion, a P/E ratio of 19.24, a P/E/G ratio of 2.09 and a beta of 0.94. CONMED has a 12-month low of $31.44 and a 12-month high of $53.66. The firm has a 50-day moving average price of $46.97 and a two-hundred day moving average price of $41.48.

CONMED (NYSE:CNMD - Get Free Report) last announced its earnings results on Wednesday, October 28th. The company reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.04. CONMED had a net margin of 5.36% and a return on equity of 14.03%. The firm had revenue of $335.56 million for the quarter, compared to analyst estimates of $336.28 million. During the same quarter in the prior year, the business posted $1.08 EPS. The business's revenue was down .7% compared to the same quarter last year. Analysts anticipate that CONMED will post 4.58 earnings per share for the current year.

Institutional Trading of CONMED

A number of institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of CONMED during the second quarter worth $157,783,000. Dimensional Fund Advisors LP lifted its stake in shares of CONMED by 6.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,392,920 shares of the company's stock valued at $49,250,000 after acquiring an additional 80,116 shares during the last quarter. Bank of America Corp DE bought a new position in shares of CONMED in the 2nd quarter valued at $43,904,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of CONMED by 39.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 582,733 shares of the company's stock valued at $20,705,000 after acquiring an additional 166,301 shares in the last quarter. Finally, Paradigm Capital Management Inc. NY acquired a new stake in shares of CONMED during the 2nd quarter valued at $17,617,000.

CONMED Company Profile

CONMED Corporation is a medical technology company that develops, manufactures, and sells surgical devices and related equipment. Its products are used by hospitals, ambulatory surgery centers, and other healthcare providers in orthopedic and general surgery procedures.

The company's orthopedic portfolio includes arthroscopy systems, powered surgical instruments, sports medicine products, tissue ablation systems, implants, and related accessories. Its general surgery offerings include electrosurgical equipment, insufflation systems, smoke evacuation products, surgical visualization technologies, and devices used in minimally invasive procedures.

Founded in 1970, CONMED serves healthcare customers through direct sales and distribution channels in the United States and international markets.

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