CONMED (NYSE:CNMD) Stock Rating Upgraded by BMO Capital Markets

CONMED (NYSE:CNMD) was upgraded by analysts at BMO Capital Markets to a “hold” rating in a report released on Wednesday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on CNMD. JPMorgan Chase & Co. decreased their price target on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, April 30th. Wells Fargo & Company dropped their price objective on CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Weiss Ratings reissued a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Piper Sandler downgraded CONMED from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $55.00 to $39.00 in a research note on Tuesday, March 17th. Finally, Wall Street Zen lowered CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Six equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, CONMED has an average rating of “Reduce” and an average target price of $38.80.

CONMED Trading Up 9.2%

NYSE:CNMD opened at $36.69 on Wednesday. The company’s 50 day moving average is $35.16 and its 200-day moving average is $38.27. The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85. CONMED has a 12 month low of $31.44 and a 12 month high of $56.63. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 20.73, a P/E/G ratio of 2.48 and a beta of 0.93.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.07. CONMED had a net margin of 4.00% and a return on equity of 13.84%. 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 prior year, the firm earned $0.95 EPS. CONMED’s quarterly revenue was down 1.3% compared to the same quarter last year. Equities analysts anticipate that CONMED will post 4.38 EPS for the current year.

Hedge Funds Weigh In On CONMED

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC bought a new position in CONMED during the fourth quarter valued at about $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 lifted its position in shares of CONMED by 409.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock worth $29,000 after acquiring an additional 581 shares during the period. Versant Capital Management Inc grew its holdings in shares of CONMED by 210.8% during the 2nd quarter. Versant Capital Management Inc now owns 1,125 shares of the company’s stock worth $37,000 after purchasing an additional 763 shares in the last quarter. Finally, Quarry LP grew its holdings in shares of CONMED by 244.8% during the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after purchasing an additional 617 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.