CONMED (NYSE:CNMD) Earns “Underperform” Rating from Bank of America

CONMED (NYSE:CNMD)‘s stock had its “underperform” rating reiterated by equities researchers at Bank of America in a note issued to investors on Monday,Benzinga reports. They presently have a $40.00 price objective on the stock. Bank of America‘s price objective suggests a potential upside of 11.67% from the company’s previous close.

Several other research analysts have also recently issued reports on the company. Wells Fargo & Company dropped their price objective 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. Piper Sandler lowered CONMED from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $55.00 to $39.00 in a research report on Tuesday, March 17th. Weiss Ratings reiterated a “sell (d)” rating on shares of CONMED in a report on Thursday, June 4th. Wall Street Zen downgraded CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Finally, JPMorgan Chase & Co. cut 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. Five research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $39.50.

CONMED Price Performance

CONMED stock opened at $35.82 on Monday. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of 20.24, a price-to-earnings-growth ratio of 1.77 and a beta of 0.92. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.29 and a quick ratio of 1.04. CONMED has a 1 year low of $31.44 and a 1 year high of $56.63. The firm has a 50-day moving average of $35.90 and a two-hundred day moving average of $38.63.

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

Institutional Trading of CONMED

Institutional investors have recently bought and sold shares of the stock. Wedge Capital Management L L P NC increased its stake in CONMED by 165.2% during the 4th quarter. Wedge Capital Management L L P NC now owns 114,437 shares of the company’s stock valued at $4,646,000 after purchasing an additional 71,282 shares in the last quarter. Invenomic Capital Management LP acquired a new stake in shares of CONMED during the third quarter worth $19,753,000. Tudor Investment Corp ET AL lifted its stake in shares of CONMED by 200.9% during the third quarter. Tudor Investment Corp ET AL now owns 124,944 shares of the company’s stock worth $5,876,000 after buying an additional 83,418 shares during the period. Fisher Asset Management LLC grew its holdings in shares of CONMED by 9.3% during the third quarter. Fisher Asset Management LLC now owns 397,046 shares of the company’s stock valued at $18,673,000 after buying an additional 33,725 shares during the last quarter. Finally, Tributary Capital Management LLC increased its position in shares of CONMED by 29.4% in the 4th quarter. Tributary Capital Management LLC now owns 268,896 shares of the company’s stock valued at $10,917,000 after acquiring an additional 61,060 shares during the period.

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.