CONMED (NYSE:CNMD) Downgraded by Zacks Research to Strong Sell

CONMED (NYSE:CNMD) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

A number of other equities analysts also recently commented on CNMD. Piper Sandler downgraded CONMED from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $55.00 to $39.00 in a research note on Tuesday, March 17th. Bank of America restated an “underperform” rating and set a $40.00 price objective on shares of CONMED in a research note on Monday, June 29th. Wall Street Zen lowered CONMED from a “buy” rating to a “hold” rating in a research report on Sunday. Wells Fargo & Company set a $39.00 target price on CONMED in a research report on Monday. Finally, BMO Capital Markets initiated coverage on shares of CONMED in a report on Wednesday, July 8th. They set a “market perform” rating and a $36.00 price target for the company. Five investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $38.80.

CONMED Trading Down 1.1%

CNMD opened at $41.95 on Monday. The stock has a market capitalization of $1.26 billion, a PE ratio of 23.70, a P/E/G ratio of 3.14 and a beta of 0.93. The firm’s fifty day moving average price is $35.44 and its 200 day moving average price is $38.29. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.29 and a quick ratio of 1.04. CONMED has a 12-month low of $31.44 and a 12-month high of $56.63.

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

Institutional Trading of CONMED

Several large investors have recently added to or reduced their stakes in CNMD. WINTON GROUP Ltd boosted its holdings in CONMED by 0.3% during the fourth quarter. WINTON GROUP Ltd now owns 78,887 shares of the company’s stock valued at $3,203,000 after purchasing an additional 260 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of CONMED by 48.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock worth $42,000 after buying an additional 341 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of CONMED by 1.6% during the 2nd quarter. California State Teachers Retirement System now owns 28,522 shares of the company’s stock worth $1,485,000 after buying an additional 442 shares during the period. State of Wyoming lifted its position in shares of CONMED by 41.3% during the 4th quarter. State of Wyoming now owns 1,567 shares of the company’s stock worth $64,000 after buying an additional 458 shares during the period. Finally, Aster Capital Management DIFC Ltd boosted its stake in CONMED by 409.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock worth $29,000 after purchasing an additional 581 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.