CONMED (NYSE:CNMD) Upgraded to “Hold” at Wells Fargo & Company

CONMED (NYSE:CNMD) was upgraded by research analysts at Wells Fargo & Company to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other analysts also recently weighed in on the stock. Bank of America decreased their target price on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating for the company in a research report on Monday, December 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of CONMED in a research note on Thursday, January 29th. Wall Street Zen upgraded shares of CONMED from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Weiss Ratings restated a “sell (d+)” rating on shares of CONMED in a report on Wednesday, January 21st. Finally, Piper Sandler cut shares of CONMED from an “overweight” rating to a “neutral” rating and cut their price target for the company from $55.00 to $39.00 in a research report on Tuesday. Seven equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, CONMED has a consensus rating of “Reduce” and a consensus target price of $50.17.

CONMED Stock Down 1.6%

Shares of CNMD opened at $36.73 on Wednesday. The company has a market capitalization of $1.13 billion, a PE ratio of 24.32, a PEG ratio of 1.64 and a beta of 0.91. CONMED has a 12 month low of $35.37 and a 12 month high of $61.25. The stock’s 50-day moving average price is $41.46 and its two-hundred day moving average price is $43.89. The company has a current ratio of 2.14, a quick ratio of 1.01 and a debt-to-equity ratio of 0.81.

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

Hedge Funds Weigh In On CONMED

Several institutional investors have recently made changes to their positions in CNMD. AQR Capital Management LLC grew its stake in shares of CONMED by 19.9% in the 1st quarter. AQR Capital Management LLC now owns 14,199 shares of the company’s stock valued at $857,000 after buying an additional 2,357 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in CONMED by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company’s stock worth $1,108,000 after buying an additional 800 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in CONMED by 5.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 82,686 shares of the company’s stock worth $4,993,000 after buying an additional 4,565 shares during the period. Intech Investment Management LLC boosted its holdings in CONMED by 34.6% in the first quarter. Intech Investment Management LLC now owns 22,505 shares of the company’s stock worth $1,359,000 after acquiring an additional 5,780 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in CONMED by 2.8% in the second quarter. Geode Capital Management LLC now owns 734,529 shares of the company’s stock valued at $38,259,000 after acquiring an additional 19,944 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.