CONMED (NYSE:CNMD) Price Target Lowered to $40.00 at Bank of America

CONMED (NYSE:CNMD) had its price target decreased by analysts at Bank of America from $52.00 to $40.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price objective points to a potential upside of 9.92% from the stock’s previous close.

CNMD has been the subject of a number of other research reports. JPMorgan Chase & Co. dropped their price objective on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, January 21st. Wall Street Zen downgraded CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Piper Sandler downgraded CONMED from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $55.00 to $39.00 in a report on Tuesday, March 17th. Finally, Wells Fargo & Company dropped their price objective on CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Six analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $43.80.

CONMED Trading Up 2.5%

CNMD traded up $0.90 during trading on Monday, hitting $36.39. The company’s stock had a trading volume of 187,456 shares, compared to its average volume of 503,154. The firm’s 50 day moving average price is $37.04 and its 200-day moving average price is $40.42. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.29 and a quick ratio of 1.04. The stock has a market cap of $1.10 billion, a PE ratio of 20.55, a PEG ratio of 1.59 and a beta of 0.94. CONMED has a twelve month low of $33.21 and a twelve month high of $60.80.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.07. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The company 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 firm posted $0.95 EPS. CONMED’s revenue was down 1.3% on a year-over-year basis. On average, analysts expect that CONMED will post 4.38 earnings per share for the current year.

Institutional Trading of CONMED

Several large investors have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership grew its position in CONMED by 217.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 419,092 shares of the company’s stock valued at $14,819,000 after acquiring an additional 287,150 shares in the last quarter. State of Wyoming grew its position in CONMED by 103.8% in the first quarter. State of Wyoming now owns 3,194 shares of the company’s stock valued at $113,000 after acquiring an additional 1,627 shares in the last quarter. First Trust Advisors LP grew its position in CONMED by 15.6% in the first quarter. First Trust Advisors LP now owns 79,117 shares of the company’s stock valued at $2,798,000 after acquiring an additional 10,698 shares in the last quarter. PNC Financial Services Group Inc. grew its position in CONMED by 29.5% in the first quarter. PNC Financial Services Group Inc. now owns 3,085 shares of the company’s stock valued at $109,000 after acquiring an additional 703 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of CONMED by 6.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,392,920 shares of the company’s stock valued at $49,250,000 after acquiring an additional 80,116 shares in 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.