CONMED (NYSE:CNMD) Cut to “Buy” at Wall Street Zen

Wall Street Zen cut shares of CONMED (NYSE:CNMD) from a strong-buy rating to a buy rating in a research report released on Monday.

Several other equities research analysts have also issued reports on CNMD. Needham & Company LLC reaffirmed a “hold” rating on shares of CONMED in a research note on Thursday, January 29th. Piper Sandler lowered CONMED from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $55.00 to $39.00 in a research note on Tuesday, March 17th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, January 21st. Zacks Research raised CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Finally, Wells Fargo & Company raised CONMED to a “hold” rating in a research note on Wednesday, March 18th. Seven analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $50.17.

CONMED Price Performance

NYSE:CNMD opened at $36.65 on Monday. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of 24.27, a P/E/G ratio of 1.53 and a beta of 0.99. CONMED has a 52-week low of $33.21 and a 52-week high of $61.08. The stock has a fifty day moving average of $39.65 and a 200 day moving average of $42.07. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 2.14.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.11. The company had revenue of $373.20 million during the quarter, compared to analyst estimates of $366.88 million. CONMED had a return on equity of 14.23% and a net margin of 3.42%.The firm’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the company earned $1.34 earnings per share. On average, research analysts expect that CONMED will post 4.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Tributary Capital Management LLC purchased a new position in shares of CONMED in the third quarter worth about $19,549,000. SG Americas Securities LLC increased its holdings in CONMED by 3,041.3% during the 3rd quarter. SG Americas Securities LLC now owns 63,894 shares of the company’s stock valued at $3,005,000 after purchasing an additional 61,860 shares during the period. Envestnet Asset Management Inc. increased its holdings in CONMED by 31.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 168,380 shares of the company’s stock valued at $7,919,000 after purchasing an additional 40,697 shares during the period. Fisher Asset Management LLC increased its holdings in CONMED by 9.3% during the 3rd quarter. Fisher Asset Management LLC now owns 397,046 shares of the company’s stock valued at $18,673,000 after purchasing an additional 33,725 shares during the period. Finally, Wedge Capital Management L L P NC increased its holdings in 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 valued at $4,646,000 after purchasing an additional 71,282 shares during the period.

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.