StockNews.com Downgrades CONMED (NYSE:CNMD) to Hold

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

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

CONMED Stock Down 1.3 %

Shares of CONMED stock opened at $56.94 on Tuesday. The stock has a 50-day simple moving average of $56.01 and a 200-day simple moving average of $64.71. CONMED has a 52-week low of $46.00 and a 52-week high of $78.58. The firm has a market cap of $1.76 billion, a price-to-earnings ratio of 13.43, a P/E/G ratio of 1.83 and a beta of 1.19. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.30 and a quick ratio of 1.06.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Blue Trust Inc. lifted its position in shares of CONMED by 4.6% in the 4th quarter. Blue Trust Inc. now owns 3,266 shares of the company's stock worth $235,000 after acquiring an additional 145 shares during the period. Beverly Hills Private Wealth LLC lifted its position in CONMED by 4.7% in the fourth quarter. Beverly Hills Private Wealth LLC now owns 3,762 shares of the company's stock worth $257,000 after purchasing an additional 168 shares during the period. Summit Investment Advisors Inc. boosted its stake in CONMED by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company's stock worth $221,000 after buying an additional 205 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in CONMED by 2.3% in the 1st quarter. Exchange Traded Concepts LLC now owns 9,701 shares of the company's stock valued at $586,000 after buying an additional 217 shares during the period. Finally, Epiq Partners LLC raised its stake in shares of CONMED by 2.2% in the 4th quarter. Epiq Partners LLC now owns 13,912 shares of the company's stock valued at $952,000 after buying an additional 302 shares in the last quarter.

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.

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