CONMED (NYSE:CNMD) Sets New 12-Month Low – Here’s What Happened

CONMED Corporation (NYSE:CNMD)’s stock price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $35.34 and last traded at $35.41, with a volume of 111783 shares trading hands. The stock had previously closed at $36.64.

Analyst Ratings Changes

A number of research firms have commented on CNMD. Wall Street Zen upgraded shares of CONMED from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Needham & Company LLC reiterated a “hold” rating on shares of CONMED in a research report on Thursday, January 29th. Piper Sandler cut shares of CONMED from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $55.00 to $39.00 in a research note on Tuesday, March 17th. Wells Fargo & Company upgraded shares of CONMED to a “hold” rating in a research note on Wednesday, March 18th. Finally, Bank of America dropped their target price on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating for the company in a report on Monday, December 8th. Seven investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, CONMED presently has a consensus rating of “Reduce” and a consensus target price of $50.17.

CONMED Stock Down 5.5%

The company has a current ratio of 2.14, a quick ratio of 1.01 and a debt-to-equity ratio of 0.81. The company has a 50 day simple moving average of $40.62 and a two-hundred day simple moving average of $43.03. The firm has a market capitalization of $1.07 billion, a P/E ratio of 22.94, a P/E/G ratio of 1.52 and a beta of 0.91.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.11. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The firm had revenue of $373.20 million for the quarter, compared to analysts’ expectations of $366.88 million. During the same quarter last year, the business posted $1.34 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, equities analysts predict that CONMED Corporation will post 4.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CNMD. Rockefeller Capital Management L.P. increased its holdings in shares of CONMED by 48.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock worth $42,000 after purchasing an additional 341 shares during the last quarter. Villanova Investment Management Co LLC boosted its stake in CONMED by 20.3% during the fourth quarter. Villanova Investment Management Co LLC now owns 70,655 shares of the company’s stock valued at $2,869,000 after buying an additional 11,906 shares during the last quarter. Pacer Advisors Inc. purchased a new position in CONMED during the 4th quarter valued at approximately $5,806,000. Invesco Ltd. grew its holdings in CONMED by 29.9% during the 4th quarter. Invesco Ltd. now owns 184,070 shares of the company’s stock valued at $7,473,000 after buying an additional 42,395 shares in the last quarter. Finally, State of Tennessee Department of Treasury increased its stake in CONMED by 4.3% in the 4th quarter. State of Tennessee Department of Treasury now owns 21,139 shares of the company’s stock worth $812,000 after acquiring an additional 873 shares during the last quarter.

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.