CONMED (NYSE:CNMD) Shares Down 5.6% – What’s Next?

CONMED Corporation (NYSE:CNMD) shares dropped 5.6% on Tuesday . The stock traded as low as $32.59 and last traded at $32.4850. 48,064 shares changed hands during trading, a decline of 91% from the average session volume of 518,463 shares. The stock had previously closed at $34.41.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CNMD shares. Wells Fargo & Company decreased their target price on CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Wall Street Zen downgraded CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. JPMorgan Chase & Co. reduced their price target on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Piper Sandler cut CONMED from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $55.00 to $39.00 in a research note on Tuesday, March 17th. Finally, Bank of America reissued an “underperform” rating and set a $40.00 price objective on shares of CONMED in a research report on Monday. Five equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $39.50.

CONMED Stock Down 5.7%

The business has a 50 day moving average of $35.84 and a 200-day moving average of $38.60. The stock has a market cap of $977.37 million, a PE ratio of 18.31, a P/E/G ratio of 1.77 and a beta of 0.92. The company has a current ratio of 2.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wasatch Advisors LP acquired a new position in CONMED in the 3rd quarter valued at about $47,026,000. Invenomic Capital Management LP purchased a new position in CONMED in the 3rd quarter valued at $19,753,000. Arrowstreet Capital Limited Partnership increased its stake in CONMED by 217.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 419,092 shares of the company’s stock valued at $14,819,000 after buying an additional 287,150 shares during the period. Marshall Wace LLP acquired a new position in CONMED in the 4th quarter valued at $9,029,000. Finally, Dimensional Fund Advisors LP raised its position in CONMED by 19.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,296,776 shares of the company’s stock worth $60,984,000 after buying an additional 214,126 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.