CONMED (NYSE:CNMD) PT Lowered to $77.00

CONMED (NYSE:CNMD) had its target price cut by equities research analysts at Wells Fargo & Company from $98.00 to $77.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 19.73% from the company’s current price.

A number of other analysts have also recently issued reports on CNMD. Needham & Company LLC decreased their target price on CONMED from $129.00 to $107.00 and set a “buy” rating for the company in a research report on Thursday. Piper Sandler reduced their target price on shares of CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, JPMorgan Chase & Co. lowered their price target on CONMED from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $113.57.

CONMED Price Performance

CNMD traded down $5.70 during midday trading on Thursday, hitting $64.31. The stock had a trading volume of 494,256 shares, compared to its average volume of 557,487. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.96 and a current ratio of 1.98. CONMED has a 1 year low of $62.97 and a 1 year high of $138.47. The company has a market cap of $1.98 billion, a P/E ratio of 31.61, a price-to-earnings-growth ratio of 0.65 and a beta of 1.33. The business has a fifty day moving average of $78.80 and a 200 day moving average of $93.89.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. The business had revenue of $312.27 million during the quarter, compared to the consensus estimate of $307.06 million. CONMED had a return on equity of 13.69% and a net margin of 5.18%. As a group, equities analysts forecast that CONMED will post 4.34 earnings per share for the current fiscal year.

Institutional Trading of CONMED

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC acquired a new stake in CONMED in the fourth quarter valued at $40,000. Principal Securities Inc. acquired a new position in CONMED during the fourth quarter valued at approximately $46,000. Headlands Technologies LLC acquired a new stake in CONMED during the third quarter worth $64,000. Quadrant Capital Group LLC raised its holdings in shares of CONMED by 44.2% in the fourth quarter. Quadrant Capital Group LLC now owns 1,631 shares of the company’s stock valued at $179,000 after buying an additional 500 shares during the last quarter. Finally, AdvisorNet Financial Inc increased its position in CONMED by 70.6% in the first quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock worth $144,000 after purchasing an additional 745 shares during the period.

About CONMED

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.