CONMED (NYSE:CNMD) Trading Down 6.1% – What’s Next?

Shares of CONMED Corporation (NYSE:CNMD) dropped 6.1% during mid-day trading on Wednesday . The company traded as low as $33.08 and last traded at $32.4650. Approximately 450,517 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 504,168 shares. The stock had previously closed at $34.57.

Wall Street Analyst Weigh In

CNMD has been the topic of a number of analyst reports. Bank of America decreased their price objective on shares of CONMED from $52.00 to $40.00 and set a “neutral” rating on the stock in a research report on Monday, May 18th. Piper Sandler lowered CONMED from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. Wells Fargo & Company cut their price objective on CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. JPMorgan Chase & Co. cut their price objective on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Six analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $39.50.

CONMED Stock Down 7.4%

The stock’s 50-day moving average price is $36.45 and its two-hundred day moving average price is $39.16. The stock has a market capitalization of $963.34 million, a PE ratio of 18.05, a P/E/G ratio of 1.68 and a beta of 0.92. 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 for the quarter, topping analysts’ consensus estimates of $0.82 by $0.07. The firm 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 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. As a group, analysts expect that CONMED Corporation will post 4.38 EPS for the current fiscal year.

Institutional Trading of CONMED

Hedge funds have recently made changes to their positions in the stock. Kestra Advisory Services LLC bought a new stake in shares of CONMED in the 4th quarter worth approximately $26,000. Kelleher Financial Advisors bought a new stake in shares of CONMED in the 3rd quarter worth approximately $28,000. Aster Capital Management DIFC Ltd boosted its position in shares of 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 purchasing an additional 581 shares in the last quarter. Quarry LP boosted its position in shares of CONMED by 244.8% in the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after purchasing an additional 617 shares in the last quarter. Finally, Huntington National Bank boosted its position in shares of CONMED by 111.8% in the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock worth $42,000 after purchasing an additional 466 shares in the last quarter.

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.