CONMED (NYSE:CNMD) Given New $75.00 Price Target at JPMorgan Chase & Co.

CONMED (NYSE:CNMD) had its price target lowered by JPMorgan Chase & Co. from $115.00 to $75.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 21.10% from the company’s previous close.

CNMD has been the topic of several other reports. Wells Fargo & Company reduced their target price on CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a report on Thursday. Needham & Company LLC reduced their target price on CONMED from $129.00 to $107.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Piper Sandler reduced their target price on CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $107.86.

CONMED Trading Down 11.5 %

Shares of NYSE:CNMD traded down $8.08 during midday trading on Thursday, hitting $61.93. The company had a trading volume of 1,319,507 shares, compared to its average volume of 567,905. CONMED has a 12 month low of $61.58 and a 12 month high of $138.47. The company has a current ratio of 1.98, a quick ratio of 0.96 and a debt-to-equity ratio of 1.17. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 30.36, a PEG ratio of 0.65 and a beta of 1.33. The firm has a fifty day simple moving average of $78.80 and a 200 day simple moving average of $93.89.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.05. CONMED had a return on equity of 13.69% and a net margin of 5.18%. The business had revenue of $312.27 million for the quarter, compared to analyst estimates of $307.06 million. On average, analysts predict that CONMED will post 4.34 EPS for the current year.

Institutional Trading of CONMED

Hedge funds and other institutional investors have recently modified their holdings of the company. Versor Investments LP acquired a new stake in shares of CONMED in the third quarter valued at about $475,000. Walleye Capital LLC acquired a new stake in shares of CONMED in the third quarter valued at about $5,691,000. Trexquant Investment LP acquired a new stake in shares of CONMED in the third quarter valued at about $2,534,000. California Public Employees Retirement System increased its position in shares of CONMED by 14.9% in the third quarter. California Public Employees Retirement System now owns 49,065 shares of the company’s stock valued at $4,948,000 after acquiring an additional 6,356 shares during the last quarter. Finally, Fifth Third Bancorp grew its holdings in CONMED by 6.0% during the fourth quarter. Fifth Third Bancorp now owns 17,379 shares of the company’s stock worth $1,903,000 after purchasing an additional 987 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.