BMO Capital Markets Upgrades CONMED (NYSE:CNMD) to “Hold”

CONMED (NYSE:CNMD) was upgraded by BMO Capital Markets to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other brokerages have also recently issued reports on CNMD. JPMorgan Chase & Co. cut their target price on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Bank of America reissued an “underperform” rating and issued a $40.00 price target on shares of CONMED in a research report on Monday, June 29th. Wall Street Zen downgraded shares of CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Weiss Ratings reiterated a “sell (d)” rating on shares of CONMED in a research note on Thursday, June 4th. Finally, Piper Sandler downgraded shares of CONMED from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $55.00 to $39.00 in a report on Tuesday, March 17th. Six investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $38.80.

CONMED Price Performance

Shares of NYSE CNMD opened at $36.69 on Wednesday. CONMED has a fifty-two week low of $31.44 and a fifty-two week high of $56.63. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 20.73, a PEG ratio of 2.48 and a beta of 0.93. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 2.29. The firm’s 50-day simple moving average is $35.16 and its 200 day simple moving average is $38.27.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.07. The business had revenue of $317.05 million during the quarter, compared to the consensus estimate of $310.64 million. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The company’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.95 EPS. As a group, research analysts anticipate that CONMED will post 4.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CONMED

Several large investors have recently made changes to their positions in CNMD. WINTON GROUP Ltd raised its stake in shares of CONMED by 0.3% during the 4th quarter. WINTON GROUP Ltd now owns 78,887 shares of the company’s stock worth $3,203,000 after purchasing an additional 260 shares during the period. Rockefeller Capital Management L.P. increased its holdings in CONMED by 48.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock worth $42,000 after buying an additional 341 shares during the last quarter. California State Teachers Retirement System raised its position in CONMED by 1.6% in the second quarter. California State Teachers Retirement System now owns 28,522 shares of the company’s stock worth $1,485,000 after acquiring an additional 442 shares during the period. State of Wyoming raised its position in CONMED by 41.3% in the fourth quarter. State of Wyoming now owns 1,567 shares of the company’s stock worth $64,000 after acquiring an additional 458 shares during the period. Finally, Aster Capital Management DIFC Ltd boosted its stake in CONMED by 409.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock valued at $29,000 after acquiring an additional 581 shares during the last quarter.

About CONMED

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.