CONMED (NYSE:CNMD) Posts Quarterly Earnings Results

CONMED (NYSE:CNMD) issued its quarterly earnings results on Wednesday. The company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.28, FiscalAI reports. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The firm had revenue of $343.49 million for the quarter, compared to analysts’ expectations of $337.60 million.

CONMED Price Performance

Shares of CONMED stock traded down $1.07 on Wednesday, hitting $43.18. 758,229 shares of the company traded hands, compared to its average volume of 556,504. The company has a market cap of $1.30 billion, a P/E ratio of 24.39, a P/E/G ratio of 3.22 and a beta of 0.93. The company has a current ratio of 2.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85. CONMED has a 12-month low of $31.44 and a 12-month high of $56.63. The firm’s 50-day simple moving average is $36.76 and its 200 day simple moving average is $38.40.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company set a $39.00 target price on shares of CONMED in a research note on Monday, July 13th. Weiss Ratings reissued a “sell (d)” rating on shares of CONMED in a report on Thursday, June 4th. Zacks Research downgraded CONMED from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. JPMorgan Chase & Co. reduced their target price on CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, April 30th. Finally, Wall Street Zen upgraded shares of CONMED from a “hold” rating to a “buy” rating in a research report on Monday, July 20th. Five investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, CONMED currently has an average rating of “Reduce” and an average target price of $38.80.

Institutional Investors Weigh In On CONMED

A number of large investors have recently added to or reduced their stakes in CNMD. AQR Capital Management LLC increased its position in shares of CONMED by 19.9% in the first quarter. AQR Capital Management LLC now owns 14,199 shares of the company’s stock valued at $857,000 after acquiring an additional 2,357 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in CONMED by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company’s stock valued at $1,108,000 after purchasing an additional 800 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of CONMED by 5.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 82,686 shares of the company’s stock valued at $4,993,000 after purchasing an additional 4,565 shares in the last quarter. Intech Investment Management LLC grew its stake in CONMED by 34.6% in the first quarter. Intech Investment Management LLC now owns 22,505 shares of the company’s stock worth $1,359,000 after purchasing an additional 5,780 shares during the period. Finally, Creative Planning purchased a new stake in shares of CONMED in the 2nd quarter worth about $310,000.

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.