CONMED (NYSE:CNMD) Downgraded to “Hold” at StockNews.com

CONMED (NYSE:CNMD) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

Several other research firms have also recently weighed in on CNMD. Needham & Company LLC decreased their price target on shares of CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Piper Sandler reduced their target price on CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Stifel Nicolaus lowered their price target on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, Wells Fargo & Company dropped their price target on CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $79.80.

CONMED Stock Down 1.2 %

Shares of NYSE CNMD opened at $67.44 on Tuesday. The business has a 50-day simple moving average of $70.99 and a two-hundred day simple moving average of $72.06. CONMED has a 52 week low of $61.05 and a 52 week high of $117.27. The company has a market cap of $2.08 billion, a P/E ratio of 25.84, a P/E/G ratio of 0.98 and a beta of 1.46. The company has a quick ratio of 1.13, a current ratio of 2.34 and a debt-to-equity ratio of 1.09.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. The company had revenue of $332.10 million during the quarter, compared to analyst estimates of $334.39 million. CONMED had a net margin of 7.73% and a return on equity of 13.89%. CONMED’s revenue was up 4.5% compared to the same quarter last year. During the same period last year, the business earned $0.83 earnings per share. Research analysts anticipate that CONMED will post 3.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CONMED

A number of large investors have recently modified their holdings of the company. Sanctuary Advisors LLC purchased a new position in CONMED in the 2nd quarter worth $913,000. Clearbridge Investments LLC increased its holdings in shares of CONMED by 23.4% in the second quarter. Clearbridge Investments LLC now owns 421,465 shares of the company’s stock worth $29,216,000 after buying an additional 80,025 shares during the period. Creative Planning lifted its stake in shares of CONMED by 83.6% in the 2nd quarter. Creative Planning now owns 7,136 shares of the company’s stock valued at $495,000 after acquiring an additional 3,250 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in CONMED by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,171 shares of the company’s stock valued at $1,190,000 after acquiring an additional 1,154 shares during the period. Finally, Deerfield Management Company L.P. Series C grew its position in CONMED by 86.7% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock worth $43,759,000 after acquiring an additional 293,099 shares during the last quarter.

About CONMED

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.