CONMED (NYSE:CNMD) Shares Climb 11.3% – What’s Next?

Shares of CONMED Corporation (NYSE:CNMD) rose 11.3% during trading on Wednesday. The stock traded as high as $52.44 and last traded at $52.5590. Approximately 70,104 shares were traded during mid-day trading, a decline of 86% from the average session volume of 503,603 shares. The stock had previously closed at $47.23.

Wall Street Analyst Weigh In

A number of research analysts have commented on CNMD shares. Piper Sandler restated a “neutral” rating and set a $45.00 price target (up from $39.00) on shares of CONMED in a research note on Thursday, July 30th. Wells Fargo & Company boosted their target price on shares of CONMED from $46.00 to $49.00 and gave the company an “equal weight” rating in a research note on Thursday, October 29th. BMO Capital Markets assumed coverage on shares of CONMED in a research report on Wednesday, July 8th. They set a “market perform” rating and a $36.00 target price for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of CONMED in a research note on Monday, July 13th. Finally, Weiss Ratings upgraded shares of CONMED from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 21st. Seven equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, CONMED presently has an average rating of “Reduce” and an average target price of $44.00.

CONMED Price Performance

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.49 and a quick ratio of 0.70. The firm has a market capitalization of $1.58 billion, a P/E ratio of 21.83, a PEG ratio of 2.16 and a beta of 0.90. The company’s 50 day moving average price is $46.88 and its 200 day moving average price is $41.51.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, October 28th. The company reported $1.04 EPS for the quarter, beating the consensus estimate of $1.00 by $0.04. The company had revenue of $335.56 million during the quarter, compared to analysts’ expectations of $336.28 million. CONMED had a return on equity of 13.93% and a net margin of 5.36%. The business’s revenue for the quarter was down .7% on a year-over-year basis. During the same period last year, the firm earned $1.08 EPS. As a group, sell-side analysts anticipate that CONMED Corporation will post 4.58 EPS for the current fiscal year.

Institutional Trading of CONMED

A number of institutional investors have recently bought and sold shares of the business. Bessemer Group Inc. boosted its position in shares of CONMED by 46.5% in the 1st quarter. Bessemer Group Inc. now owns 116,429 shares of the company’s stock worth $4,117,000 after purchasing an additional 36,940 shares during the last quarter. Bank of America Corp DE acquired a new position in CONMED in the second quarter valued at about $43,904,000. Fifth Third Bancorp lifted its stake in CONMED by 497.4% in the first quarter. Fifth Third Bancorp now owns 70,623 shares of the company’s stock valued at $2,497,000 after buying an additional 58,801 shares during the period. Bank of New York Mellon Corp acquired a new position in CONMED in the second quarter valued at about $9,531,000. Finally, BlackRock Inc. bought a new position in CONMED during the second quarter worth about $157,783,000.

About CONMED

CONMED Corporation is a medical technology company that develops, manufactures, and sells surgical devices and related equipment. Its products are used by hospitals, ambulatory surgery centers, and other healthcare providers in orthopedic and general surgery procedures.

The company’s orthopedic portfolio includes arthroscopy systems, powered surgical instruments, sports medicine products, tissue ablation systems, implants, and related accessories. Its general surgery offerings include electrosurgical equipment, insufflation systems, smoke evacuation products, surgical visualization technologies, and devices used in minimally invasive procedures.

Founded in 1970, CONMED serves healthcare customers through direct sales and distribution channels in the United States and international markets.