CONMED Corporation (NYSE:CNMD) Receives Average Recommendation of "Reduce" from Brokerages

Key Points

• Analysts maintain a cautious view of CONMED: Eight analysts assign the stock an average “Reduce” rating, including two sells and six holds. The average 12-month price target is $41.40, below the reported share price of $46.15.
• CONMED exceeded quarterly expectations, reporting $1.38 in EPS versus the $1.11 consensus estimate and revenue of $343.49 million versus $337.60 million expected. The company’s revenue increased 0.3% year over year.
• Institutional interest has grown, with BlackRock and Bank of America initiating sizable positions while California State Teachers’ Retirement System increased its stake by more than 2,600%.

Shares of CONMED Corporation (NYSE:CNMD - Get Free Report) have been given an average rating of "Reduce" by the eight analysts that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $41.40.

Several research firms recently weighed in on CNMD. BMO Capital Markets initiated coverage on shares of CONMED in a report on Wednesday, July 8th. They issued a "market perform" rating and a $36.00 price target on the stock. Wall Street Zen upgraded shares of CONMED from a "hold" rating to a "buy" rating in a report on Monday, July 20th. Weiss Ratings raised shares of CONMED from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, August 5th. Needham & Company LLC reaffirmed a "hold" rating on shares of CONMED in a research note on Monday, July 13th. Finally, Zacks Research upgraded shares of CONMED from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 11th.

CONMED Stock Performance

Shares of NYSE:CNMD opened at $46.15 on Monday. The company has a market cap of $1.38 billion, a price-to-earnings ratio of 24.95, a price-to-earnings-growth ratio of 2.11 and a beta of 0.90. The company has a 50-day moving average price of $46.31 and a 200-day moving average price of $40.16. The company has a current ratio of 1.48, a quick ratio of 0.69 and a debt-to-equity ratio of 0.63. CONMED has a 12 month low of $31.44 and a 12 month high of $53.88.

CONMED (NYSE:CNMD - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.27. CONMED had a return on equity of 14.31% and a net margin of 4.12%.The company had revenue of $343.49 million for the quarter, compared to analysts' expectations of $337.60 million. During the same period last year, the firm earned $1.15 earnings per share. CONMED's quarterly revenue was up .3% on a year-over-year basis. CONMED has set its FY 2026 guidance at 4.480-4.600 EPS. As a group, equities analysts anticipate that CONMED will post 4.54 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of CONMED in the 2nd quarter worth approximately $157,783,000. Dimensional Fund Advisors LP boosted its position in shares of CONMED by 6.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,392,920 shares of the company's stock valued at $49,250,000 after purchasing an additional 80,116 shares in the last quarter. Bank of America Corp DE purchased a new stake in CONMED in the second quarter worth $43,904,000. California State Teachers Retirement System grew its stake in CONMED by 2,645.1% in the second quarter. California State Teachers Retirement System now owns 1,079,926 shares of the company's stock worth $32,995,000 after purchasing an additional 1,040,586 shares during the period. Finally, Wasatch Advisors LP bought a new position in CONMED in the third quarter worth $47,026,000.

CONMED Company Profile

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

The company's product portfolio includes arthroscopy systems and instruments, powered surgical tools, electrosurgical devices, smoke evacuation equipment, patient care products and endoscopic technologies.

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