CONMED (NYSE:CNMD) Lowered to Hold Rating by StockNews.com

CONMED (NYSE:CNMD - Get Free Report) was downgraded by investment analysts at StockNews.com from a "buy" rating to a "hold" rating in a research note issued to investors on Tuesday.

CNMD has been the subject of several other research reports. Wells Fargo & Company cut their price objective on CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Stifel Nicolaus downgraded shares of CONMED from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $75.00 to $55.00 in a report on Monday, April 28th. JPMorgan Chase & Co. dropped their target price on shares of CONMED from $70.00 to $58.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Finally, Needham & Company LLC decreased their price target on CONMED from $91.00 to $61.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, CONMED presently has a consensus rating of "Hold" and an average price target of $62.20.

CONMED Stock Performance

NYSE:CNMD traded down $0.63 during midday trading on Tuesday, reaching $57.12. The stock had a trading volume of 285,814 shares, compared to its average volume of 453,284. The company has a quick ratio of 1.06, a current ratio of 2.30 and a debt-to-equity ratio of 0.94. The stock has a market cap of $1.77 billion, a P/E ratio of 13.47, a P/E/G ratio of 1.83 and a beta of 1.19. The firm has a fifty day simple moving average of $55.86 and a two-hundred day simple moving average of $64.53. CONMED has a 12-month low of $46.00 and a 12-month high of $78.58.

CONMED (NYSE:CNMD - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. The firm had revenue of $321.26 million during the quarter, compared to analysts' expectations of $313.38 million. During the same period in the prior year, the company posted $0.79 earnings per share. The firm's revenue for the quarter was up 2.9% on a year-over-year basis. On average, equities analysts expect that CONMED will post 4.35 EPS for the current year.

Insiders Place Their Bets

In related news, Director Charles Farkas sold 4,000 shares of CONMED stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $56.94, for a total transaction of $227,760.00. Following the completion of the sale, the director now owns 16,346 shares in the company, valued at approximately $930,741.24. This trade represents a 19.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CONMED

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Picton Mahoney Asset Management purchased a new stake in shares of CONMED during the 1st quarter valued at $33,000. GAMMA Investing LLC increased its stake in CONMED by 93.6% during the fourth quarter. GAMMA Investing LLC now owns 726 shares of the company's stock valued at $50,000 after purchasing an additional 351 shares during the last quarter. Aquatic Capital Management LLC acquired a new position in CONMED during the 4th quarter valued at approximately $82,000. Pacer Advisors Inc. grew its position in CONMED by 41.4% in the 4th quarter. Pacer Advisors Inc. now owns 1,656 shares of the company's stock worth $113,000 after purchasing an additional 485 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its position in CONMED by 19.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company's stock worth $136,000 after acquiring an additional 322 shares during the period.

About CONMED

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.