CONMED (NYSE:CNMD) Lowered to "Hold" Rating by StockNews.com

CONMED (NYSE:CNMD - Get Free Report) was downgraded by research analysts at StockNews.com from a "buy" rating to a "hold" rating in a report released on Friday.

Several other research analysts also recently weighed in on CNMD. Needham & Company LLC reissued a "buy" rating and issued a $97.00 target price on shares of CONMED in a research report on Thursday, October 31st. Piper Sandler lowered their price objective on shares of CONMED from $95.00 to $80.00 and set an "overweight" rating on the stock in a research report on Thursday, August 1st. Wells Fargo & Company cut their target price on shares of CONMED from $77.00 to $71.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 1st. Finally, Stifel Nicolaus decreased their target price on CONMED from $88.00 to $76.00 and set a "buy" rating for the company in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $79.80.

CONMED Price Performance

Shares of NYSE CNMD traded down $1.33 during trading on Friday, hitting $73.43. The company had a trading volume of 464,099 shares, compared to its average volume of 490,459. CONMED has a 52 week low of $61.05 and a 52 week high of $117.27. The business's 50-day moving average is $69.63 and its 200 day moving average is $70.13. The company has a market cap of $2.27 billion, a P/E ratio of 17.44, a PEG ratio of 0.91 and a beta of 1.45. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.06 and a current ratio of 2.27.

CONMED (NYSE:CNMD - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.99 by $0.06. CONMED had a return on equity of 13.84% and a net margin of 10.23%. The company had revenue of $316.70 million for the quarter, compared to analyst estimates of $318.46 million. Equities research analysts predict that CONMED will post 4.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CONMED

Institutional investors have recently modified their holdings of the stock. Earnest Partners LLC lifted its holdings in shares of CONMED by 18.9% during the 2nd quarter. Earnest Partners LLC now owns 2,818,606 shares of the company's stock valued at $195,386,000 after buying an additional 447,498 shares during the last quarter. Champlain Investment Partners LLC raised its position in CONMED by 36.1% during the first quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company's stock valued at $104,349,000 after acquiring an additional 345,735 shares in the last quarter. Clearbridge Investments LLC acquired a new stake in CONMED in the first quarter valued at approximately $27,343,000. Deerfield Management Company L.P. Series C grew its position in CONMED by 86.7% in the second quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company's stock worth $43,759,000 after acquiring an additional 293,099 shares in the last quarter. Finally, Cooke & Bieler LP grew its position in CONMED by 49.8% in the second quarter. Cooke & Bieler LP now owns 628,621 shares of the company's stock worth $43,576,000 after acquiring an additional 209,064 shares in the last quarter.

CONMED Company Profile

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.