CONMED (NYSE:CNMD) Sees Large Volume Increase – Time to Buy?

CONMED Corporation (NYSE:CNMD) saw unusually-strong trading volume on Monday . 859,527 shares traded hands during trading, an increase of 62% from the previous session’s volume of 530,867 shares.The stock last traded at $42.6950 and had previously closed at $38.48.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Wells Fargo & Company set a $39.00 price objective on shares of CONMED in a research note on Monday. JPMorgan Chase & Co. cut their target price on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. Weiss Ratings reiterated a “sell (d)” rating on shares of CONMED in a report on Thursday, June 4th. Bank of America reissued an “underperform” rating and issued a $40.00 price target on shares of CONMED in a research report on Monday, June 29th. Finally, BMO Capital Markets initiated coverage on shares of CONMED in a research note on Wednesday, July 8th. They issued a “market perform” rating and a $36.00 price target for the company. Six research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $38.80.

CONMED Stock Down 1.1%

The firm has a 50 day moving average price of $35.44 and a 200-day moving average price of $38.29. The company has a current ratio of 2.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85. The firm has a market cap of $1.26 billion, a PE ratio of 23.70, a PEG ratio of 3.14 and a beta of 0.93.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC boosted its position in shares of CONMED by 165.2% during the 4th quarter. Wedge Capital Management L L P NC now owns 114,437 shares of the company’s stock worth $4,646,000 after acquiring an additional 71,282 shares in the last quarter. Tudor Investment Corp ET AL raised its position in shares of CONMED by 200.9% during the 3rd quarter. Tudor Investment Corp ET AL now owns 124,944 shares of the company’s stock worth $5,876,000 after acquiring an additional 83,418 shares in the last quarter. Tributary Capital Management LLC raised its position in shares of CONMED by 29.4% during the 4th quarter. Tributary Capital Management LLC now owns 268,896 shares of the company’s stock worth $10,917,000 after acquiring an additional 61,060 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in CONMED by 47.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 416,432 shares of the company’s stock worth $16,874,000 after purchasing an additional 134,616 shares during the last quarter. Finally, Dana Investment Advisors Inc. boosted its holdings in CONMED by 40.5% in the fourth quarter. Dana Investment Advisors Inc. now owns 87,933 shares of the company’s stock valued at $3,570,000 after purchasing an additional 25,325 shares in the last quarter.

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.