CONMED (NYSE:CNMD) Upgraded to Hold at BMO Capital Markets

BMO Capital Markets upgraded shares of CONMED (NYSE:CNMD) to a hold rating in a research note published on Wednesday,Zacks.com reports.

Several other brokerages have also weighed in on CNMD. Wall Street Zen lowered shares of CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Piper Sandler lowered shares of CONMED from an “overweight” rating to a “neutral” rating and cut their target price for the company from $55.00 to $39.00 in a research note on Tuesday, March 17th. Wells Fargo & Company reduced their price target on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Weiss Ratings reiterated a “sell (d)” rating on shares of CONMED in a research note on Thursday, June 4th. Finally, Bank of America reissued an “underperform” rating and issued a $40.00 price objective on shares of CONMED in a report on Monday, June 29th. Six investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $38.80.

CONMED Stock Performance

Shares of CNMD opened at $36.69 on Wednesday. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 20.73, a PEG ratio of 2.48 and a beta of 0.93. The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85. The business’s 50 day moving average is $35.16 and its two-hundred day moving average is $38.27. CONMED has a 52-week low of $31.44 and a 52-week high of $56.63.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.07. The business had revenue of $317.05 million during the quarter, compared to the consensus estimate of $310.64 million. CONMED had a net margin of 4.00% and a return on equity of 13.84%. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 earnings per share. Analysts forecast that CONMED will post 4.38 EPS for the current fiscal year.

Hedge Funds Weigh In On CONMED

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Kestra Advisory Services LLC bought a new position in shares of CONMED during the fourth quarter valued at approximately $26,000. Kelleher Financial Advisors bought a new stake in shares of CONMED in the 3rd quarter worth approximately $28,000. Aster Capital Management DIFC Ltd boosted its position in CONMED by 409.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock valued at $29,000 after purchasing an additional 581 shares during the period. Versant Capital Management Inc boosted its position in CONMED by 210.8% during the 2nd quarter. Versant Capital Management Inc now owns 1,125 shares of the company’s stock valued at $37,000 after purchasing an additional 763 shares during the period. Finally, Quarry LP grew its stake in CONMED by 244.8% during the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after buying an additional 617 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.