CONMED (NYSE:CNMD) Issues Quarterly Earnings Results, Beats Estimates By $0.11 EPS

CONMED (NYSE:CNMD) announced its quarterly earnings results on Wednesday. The company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.11, FiscalAI reports. CONMED had a net margin of 4.75% and a return on equity of 14.22%.

CONMED Trading Down 2.5%

Shares of NYSE:CNMD traded down $0.99 during mid-day trading on Wednesday, hitting $38.59. The company had a trading volume of 668,073 shares, compared to its average volume of 606,532. The company has a market capitalization of $1.20 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 1.84 and a beta of 0.96. CONMED has a one year low of $38.32 and a one year high of $74.70. The firm has a fifty day moving average price of $41.53 and a 200 day moving average price of $46.55. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.10 and a quick ratio of 0.95.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CNMD. Bank of America reduced their price target on CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a report on Monday, December 8th. Piper Sandler cut their price target on shares of CONMED from $68.00 to $55.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. JPMorgan Chase & Co. lowered their target price on CONMED from $58.00 to $52.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Wells Fargo & Company reduced their price target on CONMED from $57.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 6th. Finally, Zacks Research downgraded shares of CONMED from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 1st. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $53.67.

Hedge Funds Weigh In On CONMED

A number of institutional investors have recently modified their holdings of CNMD. Danske Bank A S bought a new position in shares of CONMED in the third quarter valued at approximately $546,000. Boothbay Fund Management LLC bought a new position in CONMED in the 3rd quarter valued at $347,000. Creative Planning increased its position in shares of CONMED by 74.9% during the 3rd quarter. Creative Planning now owns 10,393 shares of the company’s stock valued at $489,000 after purchasing an additional 4,450 shares during the last quarter. Franklin Resources Inc. bought a new stake in shares of CONMED during the 3rd quarter worth $281,000. Finally, Vestcor Inc increased its holdings in CONMED by 110.6% during the third quarter. Vestcor Inc now owns 6,124 shares of the company’s stock worth $288,000 after buying an additional 3,216 shares during the last quarter.

About CONMED

CONMED Corporation (NYSE: CNMD) is a global medical technology company headquartered in Utica, New York. Founded in 1970, CONMED develops, manufactures and markets a broad portfolio of surgical devices and accessories for minimally invasive procedures. The company’s product line supports surgeons and healthcare providers in specialties including orthopedics, general surgery, gastroenterology and gynecology.

CONMED operates two principal segments: Orthopedics, and Visualization & Energy.