CONMED (NYSE:CNMD) Rating Lowered to Buy at Wall Street Zen

CONMED (NYSE:CNMD) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Monday.

Several other research firms have also weighed in on CNMD. Wells Fargo & Company raised shares of CONMED to a “hold” rating in a research note on Wednesday, March 18th. Bank of America reduced their price objective on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a research note on Monday, December 8th. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, January 21st. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a research note on Thursday, January 29th. Finally, Zacks Research raised shares of CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Seven analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $50.17.

CONMED Trading Up 1.2%

Shares of CNMD opened at $34.50 on Monday. The firm has a market capitalization of $1.06 billion, a PE ratio of 22.85, a price-to-earnings-growth ratio of 1.53 and a beta of 0.99. The company has a quick ratio of 1.01, a current ratio of 2.14 and a debt-to-equity ratio of 0.81. CONMED has a 12-month low of $33.21 and a 12-month high of $61.08. The stock’s fifty day simple moving average is $39.69 and its 200-day simple moving average is $42.11.

CONMED (NYSE:CNMD) last issued its earnings results 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. The company had revenue of $373.20 million for the quarter, compared to analyst estimates of $366.88 million. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.34 EPS. As a group, research analysts predict that CONMED will post 4.35 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Kelleher Financial Advisors bought a new position in CONMED in the third quarter valued at approximately $28,000. Kestra Advisory Services LLC bought a new position in CONMED in the fourth quarter valued at approximately $26,000. Aster Capital Management DIFC Ltd lifted its stake in CONMED by 409.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock valued at $29,000 after buying an additional 581 shares in the last quarter. Quarry LP lifted its stake in CONMED by 244.8% in the third quarter. Quarry LP now owns 869 shares of the company’s stock valued at $41,000 after buying an additional 617 shares in the last quarter. Finally, Huntington National Bank lifted its stake in CONMED by 111.8% in the third quarter. Huntington National Bank now owns 883 shares of the company’s stock valued at $42,000 after buying an additional 466 shares in the last quarter.

About CONMED

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.