CONMED (NYSE:CNMD) Stock Rating Lowered by JPMorgan Chase & Co.

CONMED (NYSE:CNMD) was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Thursday,Briefing.com Automated Import reports. They presently have a $70.00 price objective on the stock, down from their prior price objective of $85.00. JPMorgan Chase & Co.‘s price target points to a potential downside of 5.85% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. StockNews.com downgraded shares of CONMED from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. Needham & Company LLC reissued a “buy” rating and set a $97.00 price target on shares of CONMED in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, CONMED currently has an average rating of “Moderate Buy” and an average price target of $78.80.

CONMED Price Performance

CONMED stock opened at $74.35 on Thursday. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 1.04 and a beta of 1.46. The business’s 50 day simple moving average is $70.64 and its 200 day simple moving average is $70.22. CONMED has a 12 month low of $61.05 and a 12 month high of $88.60. The company has a current ratio of 2.27, a quick ratio of 1.06 and a debt-to-equity ratio of 1.01.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, February 5th. The company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.14. CONMED had a return on equity of 13.84% and a net margin of 10.23%. Sell-side analysts forecast that CONMED will post 4.03 EPS for the current year.

Institutional Trading of CONMED

A number of large investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC grew its holdings in CONMED by 19.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock valued at $136,000 after purchasing an additional 322 shares during the last quarter. Connable Office Inc. grew its holdings in CONMED by 18.2% during the 4th quarter. Connable Office Inc. now owns 5,766 shares of the company’s stock valued at $395,000 after purchasing an additional 888 shares during the last quarter. Fisher Asset Management LLC grew its holdings in CONMED by 41.4% during the 4th quarter. Fisher Asset Management LLC now owns 417,430 shares of the company’s stock valued at $28,569,000 after purchasing an additional 122,140 shares during the last quarter. Proficio Capital Partners LLC bought a new position in CONMED during the 4th quarter valued at about $909,000. Finally, Illinois Municipal Retirement Fund grew its holdings in CONMED by 3.5% during the 4th quarter. Illinois Municipal Retirement Fund now owns 16,514 shares of the company’s stock valued at $1,130,000 after purchasing an additional 566 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.