Wells Fargo & Company Cuts CONMED (NYSE:CNMD) Price Target to $77.00

CONMED (NYSE:CNMD) had its target price reduced by stock analysts at Wells Fargo & Company from $98.00 to $77.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 19.73% from the company’s previous close.

A number of other equities analysts also recently weighed in on CNMD. Piper Sandler reduced their price target on CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday. JPMorgan Chase & Co. cut their price target on CONMED from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. Finally, Needham & Company LLC lowered their target price on CONMED from $129.00 to $107.00 and set a “buy” rating for the company in a report on Thursday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $113.57.

CONMED Trading Down 8.1 %

Shares of CNMD traded down $5.70 during midday trading on Thursday, hitting $64.31. The stock had a trading volume of 494,256 shares, compared to its average volume of 557,487. The company has a current ratio of 1.98, a quick ratio of 0.96 and a debt-to-equity ratio of 1.17. The firm has a market cap of $1.98 billion, a P/E ratio of 31.61, a price-to-earnings-growth ratio of 0.65 and a beta of 1.33. The business has a 50-day simple moving average of $78.80 and a two-hundred day simple moving average of $93.89. CONMED has a fifty-two week low of $62.97 and a fifty-two week high of $138.47.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.05. CONMED had a net margin of 5.18% and a return on equity of 13.69%. The business had revenue of $312.27 million for the quarter, compared to analyst estimates of $307.06 million. As a group, equities analysts forecast that CONMED will post 4.34 EPS for the current year.

Institutional Investors Weigh In On CONMED

A number of institutional investors have recently modified their holdings of the business. GAMMA Investing LLC acquired a new position in shares of CONMED during the 4th quarter worth approximately $40,000. Principal Securities Inc. purchased a new stake in shares of CONMED during the fourth quarter worth $46,000. Headlands Technologies LLC acquired a new position in shares of CONMED during the third quarter worth $64,000. Quadrant Capital Group LLC boosted its stake in CONMED by 44.2% in the fourth quarter. Quadrant Capital Group LLC now owns 1,631 shares of the company’s stock valued at $179,000 after acquiring an additional 500 shares in the last quarter. Finally, AdvisorNet Financial Inc boosted its stake in CONMED by 70.6% in the first quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock valued at $144,000 after acquiring an additional 745 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.