Wells Fargo & Company Has Lowered Expectations for CONMED (NYSE:CNMD) Stock Price

CONMED (NYSE:CNMD - Get Free Report) had its target price decreased by Wells Fargo & Company from $74.00 to $70.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective would indicate a potential upside of 5.54% from the stock's previous close.

CNMD has been the topic of a number of other reports. Needham & Company LLC reduced their price objective on shares of CONMED from $97.00 to $91.00 and set a "buy" rating on the stock in a report on Thursday. StockNews.com cut CONMED from a "buy" rating to a "hold" rating in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. lowered CONMED from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $85.00 to $70.00 in a research report on Thursday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $77.20.

CONMED Stock Down 1.5 %

NYSE:CNMD traded down $1.04 during midday trading on Thursday, reaching $66.32. The company had a trading volume of 827,550 shares, compared to its average volume of 464,258. CONMED has a 12-month low of $61.05 and a 12-month high of $88.60. The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of 15.75, a PEG ratio of 1.04 and a beta of 1.46. The company has a current ratio of 2.27, a quick ratio of 1.06 and a debt-to-equity ratio of 1.01. The stock's fifty day simple moving average is $70.37 and its 200-day simple moving average is $70.17.

CONMED (NYSE:CNMD - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.14. CONMED had a return on equity of 13.84% and a net margin of 10.23%. On average, sell-side analysts anticipate that CONMED will post 4.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CONMED

Hedge funds have recently made changes to their positions in the business. Nordea Investment Management AB raised its position in CONMED by 31.5% during the 4th quarter. Nordea Investment Management AB now owns 73,587 shares of the company's stock worth $5,141,000 after buying an additional 17,633 shares during the last quarter. Avity Investment Management Inc. purchased a new position in CONMED during the fourth quarter worth about $278,000. Intech Investment Management LLC lifted its position in CONMED by 177.6% in the third quarter. Intech Investment Management LLC now owns 15,922 shares of the company's stock valued at $1,145,000 after purchasing an additional 10,187 shares during the period. Millrace Asset Group Inc. purchased a new stake in CONMED in the 3rd quarter valued at approximately $1,665,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in CONMED by 1.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 67,062 shares of the company's stock worth $4,823,000 after purchasing an additional 1,095 shares during the period.

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.