CONMED (NYSE:CNMD) Releases Earnings Results, Beats Expectations By $0.11 EPS

CONMED (NYSE:CNMD) issued its earnings results on Wednesday. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.11, FiscalAI reports. CONMED had a net margin of 4.75% and a return on equity of 14.22%.

CONMED Price Performance

Shares of CNMD traded down $0.99 during trading hours on Wednesday, hitting $38.59. 668,073 shares of the company were exchanged, compared to its average volume of 606,532. The company has a quick ratio of 0.95, a current ratio of 2.10 and a debt-to-equity ratio of 0.85. CONMED has a fifty-two week low of $38.32 and a fifty-two week high of $74.70. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 18.83, a P/E/G ratio of 1.84 and a beta of 0.96. The firm’s fifty day moving average is $41.53 and its 200 day moving average is $46.55.

Institutional Investors Weigh In On CONMED

A number of large investors have recently bought and sold shares of CNMD. Kelleher Financial Advisors bought a new stake in shares of CONMED during the 3rd quarter worth approximately $28,000. Quarry LP lifted its position in shares of CONMED by 244.8% during the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after buying an additional 617 shares during the last quarter. Sherbrooke Park Advisers LLC acquired a new stake in CONMED in the third quarter valued at about $211,000. iSAM Funds UK Ltd acquired a new stake in CONMED in the second quarter valued at about $215,000. Finally, Tower Research Capital LLC TRC raised its stake in CONMED by 107.9% during the second quarter. Tower Research Capital LLC TRC now owns 4,248 shares of the company’s stock worth $221,000 after acquiring an additional 2,205 shares in the last quarter.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Wells Fargo & Company reduced their target price on CONMED from $57.00 to $47.00 and set an “equal weight” rating for the company in a research note on Thursday, November 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of CONMED in a report on Wednesday, January 21st. Piper Sandler cut their target price on shares of CONMED from $68.00 to $55.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Bank of America decreased their price target on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a research note on Monday, December 8th. Finally, JPMorgan Chase & Co. cut their price objective on shares of CONMED from $58.00 to $52.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $53.67.

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.