CONMED (NYSE:CNMD) Sets New 52-Week Low – Here’s Why

CONMED Corporation (NYSE:CNMD)’s share price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $41.52 and last traded at $41.7730, with a volume of 88173 shares. The stock had previously closed at $43.27.

Analysts Set New Price Targets

Several research analysts recently issued reports on CNMD shares. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a report on Wednesday, October 8th. Wells Fargo & Company reduced their price target on CONMED from $57.00 to $47.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. Piper Sandler dropped their price objective on CONMED from $68.00 to $55.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Finally, JPMorgan Chase & Co. reduced their target price on CONMED from $58.00 to $52.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, CONMED presently has a consensus rating of “Hold” and an average price target of $54.00.

CONMED Trading Down 4.1%

The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 1.59 and a beta of 1.15. The business’s 50-day moving average price is $47.43 and its two-hundred day moving average price is $51.74. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.23 and a quick ratio of 1.00.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.03. The business had revenue of $337.93 million during the quarter, compared to the consensus estimate of $334.76 million. CONMED had a return on equity of 14.43% and a net margin of 8.31%.The business’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.05 earnings per share. CONMED has set its FY 2025 guidance at 4.480-4.530 EPS. Equities analysts expect that CONMED Corporation will post 4.35 earnings per share for the current year.

Insiders Place Their Bets

In other CONMED news, Director Charles Farkas sold 2,000 shares of the business’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $53.52, for a total transaction of $107,040.00. Following the completion of the sale, the director owned 14,859 shares of the company’s stock, valued at approximately $795,253.68. The trade was a 11.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CONMED

Large investors have recently made changes to their positions in the business. Keeler Thomas Management LLC purchased a new position in CONMED in the 2nd quarter valued at about $1,081,000. Raymond James Financial Inc. boosted its stake in shares of CONMED by 46.5% during the 1st quarter. Raymond James Financial Inc. now owns 390,675 shares of the company’s stock valued at $23,592,000 after buying an additional 124,050 shares during the last quarter. Westwood Holdings Group Inc. grew its position in shares of CONMED by 41.1% during the first quarter. Westwood Holdings Group Inc. now owns 1,237,735 shares of the company’s stock worth $74,747,000 after buying an additional 360,336 shares in the last quarter. Allianz Asset Management GmbH acquired a new stake in CONMED in the first quarter valued at $320,000. Finally, Envestnet Asset Management Inc. grew its holdings in CONMED by 6.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 159,750 shares of the company’s stock worth $9,647,000 after acquiring an additional 10,040 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.