CONMED (NYSE:CNMD) Sees Strong Trading Volume – What’s Next?

CONMED Corporation (NYSE:CNMD) shares saw unusually-strong trading volume on Monday . Approximately 859,527 shares changed hands during trading, an increase of 62% from the previous session’s volume of 530,867 shares.The stock last traded at $42.6950 and had previously closed at $38.48.

Analyst Ratings Changes

CNMD has been the topic of a number of research analyst reports. Bank of America reiterated an “underperform” rating and issued a $40.00 target price on shares of CONMED in a research note on Monday, June 29th. Wall Street Zen lowered shares of CONMED from a “buy” rating to a “hold” rating in a research report on Sunday. BMO Capital Markets initiated coverage on shares of CONMED in a report on Wednesday. They set a “market perform” rating and a $36.00 price target for the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Finally, Piper Sandler lowered CONMED from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $55.00 to $39.00 in a research note on Tuesday, March 17th. Six analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $38.80.

CONMED Stock Up 10.0%

The firm has a 50-day moving average price of $35.21 and a two-hundred day moving average price of $38.25. The company has a market capitalization of $1.27 billion, a P/E ratio of 23.94, a PEG ratio of 2.85 and a beta of 0.93. The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.07. The business had revenue of $317.05 million for the quarter, compared to analyst estimates of $310.64 million. CONMED had a net margin of 4.00% and a return on equity of 13.84%. CONMED’s revenue was down 1.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.95 earnings per share. Equities research analysts anticipate that CONMED Corporation will post 4.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Invenomic Capital Management LP bought a new stake in shares of CONMED in the third quarter valued at about $19,753,000. Wedge Capital Management L L P NC increased its stake in CONMED by 165.2% during the fourth quarter. Wedge Capital Management L L P NC now owns 114,437 shares of the company’s stock valued at $4,646,000 after acquiring an additional 71,282 shares during the period. Tudor Investment Corp ET AL increased its stake in CONMED by 200.9% during the third quarter. Tudor Investment Corp ET AL now owns 124,944 shares of the company’s stock valued at $5,876,000 after acquiring an additional 83,418 shares during the period. Tributary Capital Management LLC raised its holdings in CONMED by 29.4% in the 4th quarter. Tributary Capital Management LLC now owns 268,896 shares of the company’s stock valued at $10,917,000 after acquiring an additional 61,060 shares in the last quarter. Finally, Crawford Investment Counsel Inc. raised its holdings in CONMED by 12.6% in the 3rd quarter. Crawford Investment Counsel Inc. now owns 323,998 shares of the company’s stock valued at $15,238,000 after acquiring an additional 36,186 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.