CONMED (NYSE:CNMD) Shares Gap Down – What’s Next?

CONMED Corporation (NYSE:CNMD)’s share price gapped down prior to trading on Wednesday. The stock had previously closed at $47.33, but opened at $44.07. CONMED shares last traded at $44.39, with a volume of 6,407 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Weiss Ratings cut shares of CONMED from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday. Zacks Research upgraded shares of CONMED from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. Piper Sandler reissued a “neutral” rating and set a $45.00 price target (up from $39.00) on shares of CONMED in a research note on Thursday, July 30th. Wells Fargo & Company raised their price target on shares of CONMED from $39.00 to $46.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Finally, Bank of America restated an “underperform” rating and issued a $40.00 price objective on shares of CONMED in a research report on Monday, June 29th. Six investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $41.40.

CONMED Price Performance

The company’s fifty day moving average price is $48.10 and its two-hundred day moving average price is $40.86. The company has a market cap of $1.35 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 2.02 and a beta of 0.94. The company has a quick ratio of 0.69, a current ratio of 1.48 and a debt-to-equity ratio of 0.63.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.27. The company had revenue of $343.49 million during the quarter, compared to the consensus estimate of $337.60 million. CONMED had a net margin of 4.12% and a return on equity of 14.31%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $1.15 EPS. CONMED has set its FY 2026 guidance at 4.480-4.600 EPS. On average, equities research analysts forecast that CONMED Corporation will post 4.54 EPS for the current fiscal year.

Institutional Investors Weigh In On CONMED

Institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in CONMED during the second quarter worth about $157,783,000. Dimensional Fund Advisors LP raised its position in shares of CONMED by 6.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,392,920 shares of the company’s stock valued at $49,250,000 after buying an additional 80,116 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of CONMED during the 2nd quarter worth approximately $43,904,000. Invenomic Capital Management LP lifted its position in shares of CONMED by 75.6% during the 4th quarter. Invenomic Capital Management LP now owns 737,546 shares of the company’s stock worth $29,944,000 after buying an additional 317,543 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of CONMED by 39.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 582,733 shares of the company’s stock worth $20,705,000 after buying an additional 166,301 shares during the last quarter.

CONMED Company Profile

CONMED Corporation (NYSE: CNMD) is a medical technology company that develops, manufactures and markets products used in minimally invasive surgical procedures. Its offerings support healthcare providers across a range of specialties, including general surgery, gastroenterology, pulmonology, gynecology, orthopedics and sports medicine.

The company’s products include advanced surgical devices and systems, electrosurgical equipment, smoke evacuation systems, endoscopic instruments, powered surgical tools, and orthopedic products used in arthroscopic and reconstructive procedures.