CONMED (NYSE:CNMD) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of CONMED (NYSE:CNMD) from a hold rating to a buy rating in a research note released on Monday.

A number of other research analysts have also commented on the company. JPMorgan Chase & Co. lowered their price objective on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, April 30th. Weiss Ratings restated a “sell (d)” rating on shares of CONMED in a report on Thursday, June 4th. Wells Fargo & Company set a $39.00 target price on CONMED in a research report on Monday, July 13th. Zacks Research downgraded CONMED from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Finally, Bank of America reissued an “underperform” rating and issued a $40.00 price target on shares of CONMED in a research report on Monday, June 29th. Five equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $38.80.

CONMED Trading Up 0.7%

Shares of NYSE:CNMD opened at $43.51 on Monday. The stock has a market capitalization of $1.31 billion, a PE ratio of 24.58, a P/E/G ratio of 3.19 and a beta of 0.93. CONMED has a 1 year low of $31.44 and a 1 year high of $56.63. The firm has a fifty day moving average price of $35.98 and a 200 day moving average price of $38.36. 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 posted its 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 for the quarter, compared to analyst estimates of $310.64 million. During the same period last year, the company earned $0.95 earnings per share. The business’s revenue was down 1.3% compared to the same quarter last year. Analysts expect that CONMED will post 4.38 EPS for the current fiscal year.

Hedge Funds Weigh In On CONMED

Several large investors have recently made changes to their positions in CNMD. Kestra Advisory Services LLC bought a new stake in CONMED during the 4th quarter valued at approximately $26,000. Kelleher Financial Advisors bought a new position in CONMED in the 3rd quarter worth approximately $28,000. Aster Capital Management DIFC Ltd lifted its holdings in shares of CONMED by 409.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock worth $29,000 after buying an additional 581 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of CONMED by 210.8% during the second quarter. Versant Capital Management Inc now owns 1,125 shares of the company’s stock worth $37,000 after buying an additional 763 shares during the last quarter. Finally, Quarry LP boosted its position in shares of CONMED by 244.8% in the third quarter. Quarry LP now owns 869 shares of the company’s stock valued at $41,000 after acquiring an additional 617 shares during the period.

CONMED Company Profile

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.