CONMED (NYSE:CNMD) Stock Breaks Above 50-Day Moving Average - Should You Sell?

Key Points

• CONMED shares crossed above their 50-day moving average, trading as high as $47.79 versus the average of $46.88 and last changing hands at $47.234, up 1.4%.
• Analyst sentiment remains cautious: seven analysts rate the stock Hold and one rates it Sell, with a consensus “Reduce” rating and a $44 price target.
• Latest quarterly earnings were mixed: adjusted earnings of $1.04 per share beat the $1.00 estimate, while revenue of $335.56 million fell short of expectations and declined 0.7% year over year.

CONMED Corporation (NYSE:CNMD - Get Free Report)'s share price crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $46.88 and traded as high as $47.79. CONMED shares last traded at $47.2340, with a volume of 510,099 shares traded.

Analyst Ratings Changes

A number of equities analysts have recently commented on CNMD shares. Zacks Research raised shares of CONMED from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 11th. Needham & Company LLC restated a "hold" rating on shares of CONMED in a research note on Monday, July 13th. Wall Street Zen raised shares of CONMED from a "hold" rating to a "buy" rating in a report on Monday, July 20th. Piper Sandler reiterated a "neutral" rating and issued a $45.00 target price (up from $39.00) on shares of CONMED in a report on Thursday, July 30th. Finally, Wells Fargo & Company boosted 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. Seven research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $44.00.

CONMED Trading Up 1.4%

The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.70 and a current ratio of 1.49. The company has a 50-day simple moving average of $46.88 and a 200 day simple moving average of $41.51. The company has a market capitalization of $1.41 billion, a P/E ratio of 19.52, a P/E/G ratio of 2.16 and a beta of 0.90.

CONMED (NYSE:CNMD - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $335.56 million during the quarter, compared to analysts' expectations of $336.28 million. CONMED had a return on equity of 13.93% and a net margin of 5.36%. CONMED's revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.08 earnings per share. Sell-side analysts expect that CONMED Corporation will post 4.58 earnings per share for the current year.

Hedge Funds Weigh In On CONMED

Large investors have recently bought and sold shares of the stock. Signaturefd LLC lifted its stake in shares of CONMED by 82.7% in the third quarter. Signaturefd LLC now owns 548 shares of the company's stock valued at $25,000 after buying an additional 248 shares during the period. Rockefeller Capital Management L.P. grew its position in CONMED by 48.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company's stock worth $42,000 after buying an additional 341 shares in the last quarter. Choreo LLC increased its stake in CONMED by 3.0% during the third quarter. Choreo LLC now owns 16,571 shares of the company's stock valued at $766,000 after acquiring an additional 480 shares during the period. HB Wealth Management LLC increased its stake in CONMED by 4.0% during the first quarter. HB Wealth Management LLC now owns 16,620 shares of the company's stock valued at $588,000 after acquiring an additional 636 shares during the period. Finally, Moore Capital Management LP increased its stake in CONMED by 2.6% during the second quarter. Moore Capital Management LP now owns 25,230 shares of the company's stock valued at $826,000 after acquiring an additional 651 shares during the period.

About CONMED

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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