CONMED (NYSE:CNMD) Rating Lowered to “Strong Sell” at Zacks Research

CONMED (NYSE:CNMD) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

CNMD has been the subject of several other reports. JPMorgan Chase & Co. lowered their price objective on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Piper Sandler lowered CONMED from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $55.00 to $39.00 in a research report on Tuesday, March 17th. BMO Capital Markets assumed coverage on CONMED in a research report on Wednesday, July 8th. They issued a “market perform” rating and a $36.00 price objective on the stock. Needham & Company LLC restated a “hold” rating on shares of CONMED in a report on Monday. Finally, Wall Street Zen cut shares of CONMED from a “buy” rating to a “hold” rating in a report on Sunday. Five equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, CONMED has a consensus rating of “Reduce” and an average price target of $38.80.

CONMED Stock Performance

NYSE:CNMD opened at $41.95 on Monday. 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 has a fifty-two week low of $31.44 and a fifty-two week high of $56.63. The firm has a market cap of $1.26 billion, a PE ratio of 23.70, a price-to-earnings-growth ratio of 3.14 and a beta of 0.93. The business has a 50 day moving average price of $35.44 and a 200-day moving average price of $38.29.

CONMED (NYSE:CNMD) last issued its earnings results on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.82 by $0.07. The company 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 firm’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 earnings per share. Equities research analysts predict that CONMED will post 4.38 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Versant Capital Management Inc grew its stake in 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 purchasing an additional 763 shares during the period. Pacer Advisors Inc. grew its position in shares of CONMED by 11.0% in the 1st quarter. Pacer Advisors Inc. now owns 158,773 shares of the company’s stock worth $5,614,000 after buying an additional 15,765 shares during the period. Glenmede Trust Co. NA increased its stake in shares of CONMED by 35.6% in the 1st quarter. Glenmede Trust Co. NA now owns 275,888 shares of the company’s stock worth $9,755,000 after acquiring an additional 72,412 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of CONMED by 38.1% in the 1st quarter. California State Teachers Retirement System now owns 39,340 shares of the company’s stock worth $1,391,000 after acquiring an additional 10,845 shares in the last quarter. Finally, Royal Bank of Canada lifted its position in CONMED by 20.1% during the 1st quarter. Royal Bank of Canada now owns 22,619 shares of the company’s stock valued at $799,000 after acquiring an additional 3,790 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.