CONMED (NYSE:CNMD) Rating Lowered to “Hold” at StockNews.com

CONMED (NYSE:CNMD) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Friday.

CNMD has been the subject of a number of other research reports. Piper Sandler dropped their target price on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Wells Fargo & Company cut their target price on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Stifel Nicolaus lowered their price target on shares of CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Finally, Needham & Company LLC reissued a “buy” rating and set a $97.00 price objective on shares of CONMED in a report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, CONMED has a consensus rating of “Moderate Buy” and a consensus price target of $79.80.

CONMED Stock Performance

Shares of NYSE:CNMD opened at $73.43 on Friday. CONMED has a 1 year low of $61.05 and a 1 year high of $117.27. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of 17.44, a price-to-earnings-growth ratio of 0.97 and a beta of 1.45. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.27 and a quick ratio of 1.06. The company’s 50 day simple moving average is $69.63 and its 200 day simple moving average is $70.13.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.06. CONMED had a return on equity of 13.84% and a net margin of 10.23%. The company had revenue of $316.70 million for the quarter, compared to analyst estimates of $318.46 million. As a group, research analysts predict that CONMED will post 4.03 EPS for the current fiscal year.

Hedge Funds Weigh In On CONMED

Several large investors have recently modified their holdings of CNMD. 1620 Investment Advisors Inc. acquired a new stake in CONMED in the second quarter valued at $39,000. Innealta Capital LLC acquired a new stake in shares of CONMED in the second quarter valued at about $41,000. Hilltop National Bank raised its position in shares of CONMED by 31.0% during the second quarter. Hilltop National Bank now owns 825 shares of the company’s stock worth $57,000 after acquiring an additional 195 shares during the last quarter. CWM LLC lifted its stake in shares of CONMED by 224.7% in the second quarter. CWM LLC now owns 919 shares of the company’s stock worth $64,000 after acquiring an additional 636 shares during the period. Finally, nVerses Capital LLC boosted its holdings in CONMED by 566.7% in the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $144,000 after acquiring an additional 1,700 shares during 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.