CONMED (NYSE:CNMD) Trading Up 11.6% After Analyst Upgrade

CONMED Corporation (NYSE:CNMD) shares traded up 11.6% during trading on Thursday after BMO Capital Markets upgraded the stock to a hold rating. The stock traded as high as $36.28 and last traded at $37.4830. Approximately 309,491 shares were traded during trading, a decline of 40% from the average daily volume of 518,587 shares. The stock had previously closed at $33.59.

CNMD has been the subject of a number of other research reports. JPMorgan Chase & Co. reduced their price objective on CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Wall Street Zen cut CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Piper Sandler downgraded CONMED from an “overweight” rating to a “neutral” rating and cut their price target for the company from $55.00 to $39.00 in a research note on Tuesday, March 17th. Bank of America reaffirmed an “underperform” rating and set a $40.00 price target on shares of CONMED in a research report on Monday, June 29th. Finally, Wells Fargo & Company lowered their price objective on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Six investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $38.80.

Hedge Funds Weigh In On CONMED

A number of institutional investors have recently bought and sold shares of the stock. Kestra Advisory Services LLC bought a new stake in CONMED during the fourth quarter valued at about $26,000. Kelleher Financial Advisors purchased a new stake in CONMED in the third quarter worth about $28,000. Aster Capital Management DIFC Ltd raised its stake in shares of CONMED by 409.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock worth $29,000 after buying an additional 581 shares during the period. Versant Capital Management Inc raised its stake in shares of CONMED by 210.8% in the second quarter. Versant Capital Management Inc now owns 1,125 shares of the company’s stock worth $37,000 after buying an additional 763 shares during the period. Finally, Quarry LP lifted its position in shares of CONMED by 244.8% during the 3rd 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.

CONMED Trading Up 4.8%

The stock has a 50-day moving average price of $35.21 and a two-hundred day moving average price of $38.27. The stock has a market capitalization of $1.16 billion, a PE ratio of 21.71, a PEG ratio of 2.71 and a beta of 0.93. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 2.29.

CONMED (NYSE:CNMD) last released 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 net margin of 4.00% and a return on equity of 13.84%. The company had revenue of $317.05 million during the quarter, compared to analyst estimates of $310.64 million. During the same period in the prior year, the firm posted $0.95 EPS. The firm’s quarterly revenue was down 1.3% compared to the same quarter last year. As a group, equities analysts forecast that CONMED Corporation will post 4.38 earnings per share for the current year.

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.