CONMED (NYSE:CNMD) Downgraded to Neutral Rating by Piper Sandler

CONMED (NYSE:CNMD) was downgraded by equities research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a note issued to investors on Tuesday, MarketBeat reports. They presently have a $39.00 price target on the stock, down from their prior price target of $55.00. Piper Sandler’s price target suggests a potential upside of 4.17% from the company’s current price.

A number of other equities research analysts have also weighed in on the company. Wall Street Zen upgraded CONMED from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Bank of America reduced their price objective on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a research report on Monday, December 8th. Needham & Company LLC restated a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Zacks Research raised shares of CONMED from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Finally, Wells Fargo & Company lifted their target price on shares of CONMED from $41.00 to $42.00 and gave the company an “equal weight” rating in a research note on Thursday, January 29th. Seven analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $50.17.

CONMED Price Performance

Shares of CONMED stock opened at $37.44 on Tuesday. The company’s fifty day simple moving average is $41.72 and its two-hundred day simple moving average is $44.06. CONMED has a 12-month low of $35.37 and a 12-month high of $62.41. The firm has a market cap of $1.15 billion, a PE ratio of 24.79, a price-to-earnings-growth ratio of 1.64 and a beta of 0.91. The company has a quick ratio of 1.01, a current ratio of 2.14 and a debt-to-equity ratio of 0.81.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, January 28th. The company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.11. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The company had revenue of $373.20 million during the quarter, compared to analyst estimates of $366.88 million. During the same period in the prior year, the business posted $1.34 earnings per share. CONMED’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, equities analysts expect that CONMED will post 4.35 EPS for the current year.

Hedge Funds Weigh In On CONMED

A number of institutional investors have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC purchased a new position in CONMED during the fourth quarter valued at $26,000. Kelleher Financial Advisors purchased a new stake in shares of CONMED in the 3rd quarter worth about $28,000. Aster Capital Management DIFC Ltd increased its stake in shares of CONMED by 409.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock worth $29,000 after acquiring an additional 581 shares in the last quarter. Quarry LP lifted its position in CONMED by 244.8% during the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock valued at $41,000 after acquiring an additional 617 shares during the period. Finally, Huntington National Bank lifted its position in CONMED by 111.8% during the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock valued at $42,000 after acquiring an additional 466 shares during the period.

CONMED Company Profile

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.