CONMED (NYSE:CNMD) Sets New 12-Month Low – What’s Next?

CONMED Corporation (NYSE:CNMD) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $41.52 and last traded at $41.7730, with a volume of 88173 shares trading hands. The stock had previously closed at $43.27.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CNMD shares. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, October 8th. JPMorgan Chase & Co. lowered their price objective on CONMED from $58.00 to $52.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Piper Sandler reduced their target price on shares of CONMED from $68.00 to $55.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Finally, Wells Fargo & Company lowered their price target on shares of CONMED from $57.00 to $47.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $54.00.

CONMED Stock Performance

The firm has a fifty day simple moving average of $47.43 and a 200-day simple moving average of $51.74. The company has a quick ratio of 1.00, a current ratio of 2.23 and a debt-to-equity ratio of 0.88. The company has a market cap of $1.29 billion, a PE ratio of 11.75, a price-to-earnings-growth ratio of 1.59 and a beta of 1.15.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, November 5th. The company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.03. The firm had revenue of $337.93 million during the quarter, compared to analysts’ expectations of $334.76 million. CONMED had a return on equity of 14.43% and a net margin of 8.31%.The business’s revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.05 EPS. CONMED has set its FY 2025 guidance at 4.480-4.530 EPS. On average, research analysts forecast that CONMED Corporation will post 4.35 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Charles Farkas sold 2,000 shares of the stock in a transaction on Friday, September 12th. The shares were sold at an average price of $53.52, for a total transaction of $107,040.00. Following the completion of the sale, the director owned 14,859 shares in the company, valued at $795,253.68. This represents a 11.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CONMED

Several hedge funds have recently made changes to their positions in the business. Two Sigma Investments LP grew its holdings in shares of CONMED by 150.3% during the third quarter. Two Sigma Investments LP now owns 164,437 shares of the company’s stock worth $7,733,000 after buying an additional 98,729 shares during the last quarter. Bridgeway Capital Management LLC acquired a new stake in CONMED during the 3rd quarter worth approximately $2,177,000. Comerica Bank grew its stake in shares of CONMED by 5.0% in the 3rd quarter. Comerica Bank now owns 30,738 shares of the company’s stock valued at $1,446,000 after purchasing an additional 1,477 shares during the last quarter. Glenmede Investment Management LP increased its holdings in shares of CONMED by 14.0% in the third quarter. Glenmede Investment Management LP now owns 222,136 shares of the company’s stock valued at $10,447,000 after purchasing an additional 27,337 shares during the period. Finally, Invesco Ltd. raised its stake in shares of CONMED by 9.0% during the third quarter. Invesco Ltd. now owns 141,675 shares of the company’s stock worth $6,663,000 after purchasing an additional 11,712 shares during the last quarter.

About CONMED

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.