CONMED (NYSE:CNMD) Trading Up 8.3% – Here’s Why

CONMED Corporation (NYSE:CNMD)’s share price rose 8.3% during trading on Thursday . The stock traded as high as $35.55 and last traded at $35.7990. Approximately 29,213 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 500,215 shares. The stock had previously closed at $33.06.

Analysts Set New Price Targets

CNMD has been the topic of several recent analyst reports. Bank of America decreased their price target on CONMED from $52.00 to $40.00 and set a “neutral” rating on the stock in a research note on Monday, May 18th. Piper Sandler lowered CONMED from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $55.00 to $39.00 in a research note on Tuesday, March 17th. Wells Fargo & Company decreased their price target on CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. JPMorgan Chase & Co. decreased their price target on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. Finally, Wall Street Zen lowered CONMED from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Six analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $43.80.

CONMED Trading Up 5.0%

The company has a 50 day moving average of $36.51 and a 200-day moving average of $39.61. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 2.29. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 19.61, a price-to-earnings-growth ratio of 1.52 and a beta of 0.92.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.07. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The firm had revenue of $317.05 million for the quarter, compared to analyst estimates of $310.64 million. During the same quarter in the prior year, the company earned $0.95 EPS. CONMED’s revenue was down 1.3% on a year-over-year basis. On average, research analysts anticipate that CONMED Corporation will post 4.38 earnings per share for the current year.

Hedge Funds Weigh In On CONMED

Several hedge funds have recently bought and sold shares of CNMD. Kestra Advisory Services LLC purchased a new stake in CONMED during the 4th quarter worth about $26,000. Kelleher Financial Advisors acquired a new stake in CONMED in the 3rd quarter valued at about $28,000. Aster Capital Management DIFC Ltd raised its position in CONMED by 409.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock valued at $29,000 after purchasing an additional 581 shares in the last quarter. Quarry LP raised its position in CONMED by 244.8% in the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock valued at $41,000 after purchasing an additional 617 shares in the last quarter. Finally, Huntington National Bank raised its position in CONMED by 111.8% in the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock valued at $42,000 after purchasing 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.