JPMorgan Chase & Co. Lowers CONMED (NYSE:CNMD) Price Target to $75.00

CONMED (NYSE:CNMD) had its target price cut by research analysts at JPMorgan Chase & Co. from $115.00 to $75.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 13.98% from the stock’s current price.

A number of other equities research analysts also recently issued reports on CNMD. Wells Fargo & Company cut their price target on CONMED from $98.00 to $77.00 and set an “equal weight” rating for the company in a research note on Thursday. Needham & Company LLC cut their price target on CONMED from $129.00 to $107.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Piper Sandler cut their price target on CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $107.86.

CONMED Price Performance

Shares of NYSE:CNMD opened at $65.80 on Thursday. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $138.47. The business has a 50-day simple moving average of $78.06 and a two-hundred day simple moving average of $93.44. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.96 and a current ratio of 1.98. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 25.21, a price-to-earnings-growth ratio of 0.57 and a beta of 1.33.

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 13.99% and a net margin of 6.53%. On average, analysts expect that CONMED will post 4.31 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors lifted its holdings in CONMED by 11.8% in the 4th quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock worth $301,931,000 after purchasing an additional 289,996 shares in the last quarter. Earnest Partners LLC lifted its holdings in CONMED by 2.0% in the 3rd quarter. Earnest Partners LLC now owns 2,265,092 shares of the company’s stock worth $228,435,000 after purchasing an additional 44,076 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in CONMED by 5.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 712,332 shares of the company’s stock worth $78,010,000 after purchasing an additional 33,794 shares in the last quarter. Northern Trust Corp lifted its holdings in CONMED by 0.3% in the 3rd quarter. Northern Trust Corp now owns 339,332 shares of the company’s stock worth $34,222,000 after purchasing an additional 1,115 shares in the last quarter. Finally, Ranger Investment Management L.P. lifted its holdings in CONMED by 0.5% in the 4th quarter. Ranger Investment Management L.P. now owns 336,549 shares of the company’s stock worth $36,855,000 after purchasing an additional 1,675 shares in the last quarter.

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.