CONMED (NYSE:CNMD) Downgraded to “Hold” Rating by StockNews.com

CONMED (NYSE:CNMD) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report issued on Saturday.

CNMD has been the topic of a number of other reports. Stifel Nicolaus lowered their price target on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company lowered their price target on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Piper Sandler decreased their price objective on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $97.00 price objective on shares of CONMED in a report on Thursday. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $79.80.

CONMED Stock Up 3.1 %

CNMD stock opened at $70.37 on Friday. The business’s 50-day moving average price is $69.52 and its 200-day moving average price is $70.12. The company has a quick ratio of 1.13, a current ratio of 2.34 and a debt-to-equity ratio of 1.09. CONMED has a twelve month low of $61.05 and a twelve month high of $117.27. The stock has a market cap of $2.17 billion, a P/E ratio of 16.71, a PEG ratio of 0.85 and a beta of 1.46.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.06. CONMED had a return on equity of 14.15% and a net margin of 10.23%. The company had revenue of $316.70 million for the quarter, compared to analysts’ expectations of $318.46 million. On average, equities research analysts forecast that CONMED will post 3.99 EPS for the current year.

Hedge Funds Weigh In On CONMED

Large investors have recently modified their holdings of the stock. 1620 Investment Advisors Inc. bought a new position in shares of CONMED during the 2nd quarter valued at approximately $39,000. Innealta Capital LLC bought a new position in shares of CONMED during the 2nd quarter valued at approximately $41,000. Hilltop National Bank increased its position in shares of CONMED by 31.0% during the 2nd quarter. Hilltop National Bank now owns 825 shares of the company’s stock valued at $57,000 after purchasing an additional 195 shares during the last quarter. CWM LLC increased its position in shares of CONMED by 224.7% during the 2nd quarter. CWM LLC now owns 919 shares of the company’s stock valued at $64,000 after purchasing an additional 636 shares during the last quarter. Finally, nVerses Capital LLC increased its position in shares of CONMED by 566.7% during the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $144,000 after purchasing an additional 1,700 shares during 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.