CONMED (NYSE:CNMD) Sets New 1-Year High - Here's Why

Key Points

• CONMED shares reached a new 52-week high, trading as high as $53.75 on Thursday, up from the prior close of $53.66.
• Quarterly EPS of $1.04 beat analysts’ $1.00 estimate, but revenue of $335.56 million missed forecasts and declined 0.7% year over year.
• Analyst sentiment remains cautious: MarketBeat reports a consensus “Reduce” rating and a $44 average price target, despite several firms recently raising their targets.

CONMED Corporation (NYSE:CNMD - Get Free Report) shares hit a new 52-week high during trading on Thursday. The stock traded as high as $53.75 and last traded at $54.4140, with a volume of 572 shares. The stock had previously closed at $53.66.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company increased their target price on shares of CONMED from $46.00 to $49.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 29th. JPMorgan Chase & Co. lifted their price objective on CONMED from $45.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, October 29th. Piper Sandler reaffirmed a "neutral" rating and set a $45.00 target price (up from $39.00) on shares of CONMED in a report on Thursday, July 30th. Wall Street Zen upgraded CONMED from a "hold" rating to a "buy" rating in a research note on Monday, July 20th. Finally, Weiss Ratings raised shares of CONMED from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, October 21st. Seven investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, CONMED currently has a consensus rating of "Reduce" and a consensus target price of $44.00.

CONMED Stock Performance

The stock has a market cap of $1.61 billion, a PE ratio of 22.41, a P/E/G ratio of 2.19 and a beta of 0.90. The stock has a 50-day moving average of $46.94 and a 200 day moving average of $41.57. The company has a quick ratio of 0.70, a current ratio of 1.49 and a debt-to-equity ratio of 0.60.

CONMED (NYSE:CNMD - Get Free Report) last posted its earnings results on Wednesday, October 28th. The company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.04. CONMED had a net margin of 5.36% and a return on equity of 13.93%. The company had revenue of $335.56 million for the quarter, compared to analyst estimates of $336.28 million. During the same period in the previous year, the business posted $1.08 EPS. CONMED's revenue was down .7% on a year-over-year basis. Equities analysts predict that CONMED Corporation will post 4.58 EPS for the current fiscal year.

Hedge Funds Weigh In On CONMED

Several large investors have recently added to or reduced their stakes in CNMD. BlackRock Inc. bought a new stake in CONMED in the 2nd quarter valued at about $157,783,000. Dimensional Fund Advisors LP boosted its position in shares of CONMED by 6.1% during the 1st 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 acquired a new stake in shares of CONMED during the second quarter worth $43,904,000. Allspring Global Investments Holdings LLC increased its stake in CONMED by 39.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 582,733 shares of the company's stock valued at $20,705,000 after buying an additional 166,301 shares during the period. Finally, Paradigm Capital Management Inc. NY acquired a new position in CONMED in the 2nd quarter valued at approximately $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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