CONMED (NYSE:CNMD) Stock Price Down 5.3% – Here’s What Happened

CONMED Corporation (NYSE:CNMD)’s stock price fell 5.3% during mid-day trading on Thursday . The stock traded as low as $34.50 and last traded at $34.3680. 75,893 shares changed hands during trading, a decline of 85% from the average session volume of 501,047 shares. The stock had previously closed at $36.30.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CNMD. JPMorgan Chase & Co. dropped their price target on CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Wells Fargo & Company reduced their price objective on CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Piper Sandler cut CONMED from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $55.00 to $39.00 in a report on Tuesday, March 17th. Bank of America cut their price target on CONMED from $52.00 to $40.00 and set a “neutral” rating on the stock in a research note on Monday, May 18th. Finally, Wall Street Zen cut CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Six analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $39.50.

CONMED Price Performance

The business has a 50-day simple moving average of $36.47 and a 200 day simple moving average of $39.32. The company has a current ratio of 2.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85. The stock has a market cap of $1.05 billion, a P/E ratio of 19.66, a price-to-earnings-growth ratio of 1.69 and a beta of 0.92.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.82 by $0.07. The business had revenue of $317.05 million for the quarter, compared to analysts’ expectations of $310.64 million. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The firm’s revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.95 earnings per share. On average, analysts forecast that CONMED Corporation will post 4.38 earnings per share for the current year.

Institutional Trading of CONMED

A number of large investors have recently bought and sold shares of the business. Envestnet Asset Management Inc. boosted its position in shares of CONMED by 31.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 168,380 shares of the company’s stock valued at $7,919,000 after purchasing an additional 40,697 shares in the last quarter. Invenomic Capital Management LP acquired a new stake in CONMED during the third quarter worth approximately $19,753,000. Wedge Capital Management L L P NC increased its holdings in CONMED by 165.2% in the fourth quarter. Wedge Capital Management L L P NC now owns 114,437 shares of the company’s stock worth $4,646,000 after purchasing an additional 71,282 shares in the last quarter. Fisher Asset Management LLC increased its holdings in CONMED by 9.3% in the third quarter. Fisher Asset Management LLC now owns 397,046 shares of the company’s stock worth $18,673,000 after purchasing an additional 33,725 shares in the last quarter. Finally, Tudor Investment Corp ET AL lifted its stake in CONMED by 200.9% in the third quarter. Tudor Investment Corp ET AL now owns 124,944 shares of the company’s stock valued at $5,876,000 after buying an additional 83,418 shares during the period.

CONMED Company Profile

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.