CONMED Corporation (NYSE:CNMD) Stock Has Average Target Price of $44.00 According to Brokerages

CONMED Corporation (NYSE:CNMD) has received a consensus rating of “Reduce” from the eight analysts that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $44.00.

Several research analysts have recently commented on CNMD shares. Zacks Research raised shares of CONMED from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a report on Monday, July 13th. JPMorgan Chase & Co. lifted their target price on CONMED from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, October 29th. Weiss Ratings raised CONMED from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, November 4th. Finally, Wells Fargo & Company upped their target price on CONMED from $46.00 to $49.00 and gave the company an “equal weight” rating in a report on Thursday, October 29th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC bought a new position in CONMED during the 3rd quarter worth $388,000. Intech Investment Management LLC lifted its stake in CONMED by 349.1% in the third quarter. Intech Investment Management LLC now owns 27,900 shares of the company’s stock valued at $1,290,000 after buying an additional 21,687 shares during the last quarter. Diversified Trust Co acquired a new position in shares of CONMED during the third quarter valued at $360,000. Maryland State Retirement & Pension System acquired a new position in shares of CONMED during the third quarter valued at $310,000. Finally, Illinois Municipal Retirement Fund boosted its holdings in shares of CONMED by 1.3% during the third quarter. Illinois Municipal Retirement Fund now owns 16,492 shares of the company’s stock valued at $762,000 after acquiring an additional 215 shares during the period.

CONMED Stock Performance

Shares of CNMD opened at $51.92 on Tuesday. The business’s fifty day moving average price is $47.04 and its 200 day moving average price is $41.72. CONMED has a 12-month low of $31.44 and a 12-month high of $54.80. The stock has a market capitalization of $1.55 billion, a PE ratio of 21.46, 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 current ratio of 1.49 and a quick ratio of 0.70.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, October 28th. The company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.04. The firm had revenue of $335.56 million during the quarter, compared to the consensus estimate of $336.28 million. CONMED had a net margin of 5.36% and a return on equity of 13.93%. The firm’s revenue was down .7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.08 earnings per share. Equities research analysts forecast that CONMED will post 4.58 EPS for the current year.

CONMED Company Profile

CONMED Corporation is a medical technology company that develops and markets devices and equipment for orthopedic and general surgery. Its products support minimally invasive procedures and include arthroscopy systems, powered surgical instruments, electrosurgical equipment, and endoscopic technologies.

The company was founded in 1970 and serves hospitals, surgery centers, and other healthcare providers. Its products are sold in the United States and internationally.