CONMED (NYSE:CNMD) Cut to Neutral at JPMorgan Chase & Co.

CONMED (NYSE:CNMD) was downgraded by stock analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued to investors on Thursday,Briefing.com Automated Import reports. They currently have a $70.00 target price on the stock, down from their previous target price of $85.00. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 5.85% from the stock’s current price.

CNMD has been the topic of several other reports. StockNews.com downgraded shares of CONMED from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and set a $97.00 price target on shares of CONMED in a research report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $78.80.

CONMED Trading Up 2.0 %

Shares of CONMED stock opened at $74.35 on Thursday. The company has a current ratio of 2.27, a quick ratio of 1.06 and a debt-to-equity ratio of 1.01. CONMED has a 12-month low of $61.05 and a 12-month high of $88.60. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 1.04 and a beta of 1.46. The firm’s 50 day simple moving average is $70.64 and its two-hundred day simple moving average is $70.22.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.14. CONMED had a net margin of 10.23% and a return on equity of 13.84%. Analysts predict that CONMED will post 4.03 EPS for the current year.

Hedge Funds Weigh In On CONMED

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company grew its holdings in CONMED by 7.2% in the second quarter. The Manufacturers Life Insurance Company now owns 17,171 shares of the company’s stock valued at $1,190,000 after purchasing an additional 1,154 shares during the period. Creative Planning grew its stake in CONMED by 83.6% during the second quarter. Creative Planning now owns 7,136 shares of the company’s stock worth $495,000 after buying an additional 3,250 shares during the period. Sanctuary Advisors LLC purchased a new stake in CONMED during the second quarter worth approximately $913,000. SG Americas Securities LLC grew its stake in CONMED by 117.6% during the third quarter. SG Americas Securities LLC now owns 10,924 shares of the company’s stock worth $786,000 after buying an additional 5,903 shares during the period. Finally, Diversified Trust Co grew its stake in CONMED by 18.0% during the third quarter. Diversified Trust Co now owns 13,275 shares of the company’s stock worth $955,000 after buying an additional 2,025 shares during the period.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.