CONMED (NYSE:CNMD) Shares Climb 11.3% – Here’s What Happened

CONMED Corporation (NYSE:CNMD) shares were up 11.3% on Wednesday. The stock traded as high as $52.44 and last traded at $52.5590. 70,104 shares changed hands during trading, a decline of 86% from the average session volume of 503,603 shares. The stock had previously closed at $47.23.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CNMD shares. JPMorgan Chase & Co. lifted their price target on CONMED from $45.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, October 29th. Needham & Company LLC reaffirmed a “hold” rating on shares of CONMED in a research note on Monday, July 13th. Wells Fargo & Company raised their target price on shares of CONMED from $46.00 to $49.00 and gave the stock an “equal weight” rating in a report on Thursday, October 29th. Weiss Ratings raised shares of CONMED from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday. Finally, Wall Street Zen upgraded shares of CONMED from a “hold” rating to a “buy” rating in a report on Monday, July 20th. Seven research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $44.00.

CONMED Stock Down 2.6%

The business’s 50 day simple moving average is $46.98 and its 200-day simple moving average is $41.62. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 21.28, a price-to-earnings-growth ratio of 2.49 and a beta of 0.90. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.70 and a current ratio of 1.49.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $1.04 EPS for the quarter, beating the consensus estimate of $1.00 by $0.04. CONMED had a net margin of 5.36% and a return on equity of 13.93%. The business had revenue of $335.56 million for the quarter, compared to analysts’ expectations of $336.28 million. During the same period in the previous year, the company posted $1.08 EPS. CONMED’s revenue was down .7% on a year-over-year basis. Sell-side analysts expect that CONMED Corporation will post 4.58 earnings per share for the current year.

Hedge Funds Weigh In On CONMED

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in CONMED in the 2nd quarter worth $157,783,000. Dimensional Fund Advisors LP boosted its holdings in CONMED by 6.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,392,920 shares of the company’s stock valued at $49,250,000 after acquiring an additional 80,116 shares during the period. Bank of America Corp DE acquired a new stake in shares of CONMED in the second quarter valued at about $43,904,000. Allspring Global Investments Holdings LLC grew its position in shares of CONMED by 39.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 582,733 shares of the company’s stock valued at $20,705,000 after purchasing an additional 166,301 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY bought a new position in shares of CONMED in the second quarter worth about $17,617,000.

CONMED Company Profile

CONMED Corporation is a medical technology company that develops, manufactures, and sells surgical devices and related equipment. Its products are used by hospitals, ambulatory surgery centers, and other healthcare providers in orthopedic and general surgery procedures.

The company’s orthopedic portfolio includes arthroscopy systems, powered surgical instruments, sports medicine products, tissue ablation systems, implants, and related accessories. Its general surgery offerings include electrosurgical equipment, insufflation systems, smoke evacuation products, surgical visualization technologies, and devices used in minimally invasive procedures.

Founded in 1970, CONMED serves healthcare customers through direct sales and distribution channels in the United States and international markets.