CONMED (NYSE:CNMD) Hits New 1-Year Low – What’s Next?

CONMED Corporation (NYSE:CNMD) reached a new 52-week low on Friday . The company traded as low as $35.34 and last traded at $35.41, with a volume of 111783 shares trading hands. The stock had previously closed at $36.64.

Analyst Ratings Changes

Several brokerages have recently commented on CNMD. Wall Street Zen lowered CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 21st. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, January 21st. Bank of America decreased their price target on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a research note on Monday, December 8th. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a research note on Thursday, January 29th. Finally, Zacks Research upgraded shares of CONMED from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Seven analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, CONMED presently has a consensus rating of “Reduce” and an average target price of $50.17.

CONMED Price Performance

The company has a debt-to-equity ratio of 0.81, a current ratio of 2.14 and a quick ratio of 1.01. The firm has a 50-day simple moving average of $40.75 and a 200 day simple moving average of $43.23. The firm has a market cap of $1.09 billion, a PE ratio of 23.43, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.11. The business had revenue of $373.20 million for the quarter, compared to analysts’ expectations of $366.88 million. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The business’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.34 earnings per share. As a group, equities analysts expect that CONMED Corporation will post 4.35 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CNMD. Kelleher Financial Advisors bought a new position in shares of CONMED during the third quarter valued at $28,000. Kestra Advisory Services LLC bought a new stake in CONMED in the 4th quarter worth about $26,000. 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 worth $29,000 after buying an additional 581 shares during 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 worth $41,000 after buying an additional 617 shares during the last quarter. Finally, Huntington National Bank lifted its stake in CONMED by 111.8% during the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock valued at $42,000 after acquiring an additional 466 shares during the period.

CONMED Company Profile

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.