CONMED Corporation (NYSE:CNMD – Get Free Report)’s stock price fell 5.3% on Thursday . The stock traded as low as $34.50 and last traded at $34.3680. 75,893 shares were traded during trading, a decline of 85% from the average session volume of 501,047 shares. The stock had previously closed at $36.30.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on CNMD. Wall Street Zen lowered shares of CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Piper Sandler lowered shares of CONMED from an “overweight” rating to a “neutral” rating and cut their target price for the company from $55.00 to $39.00 in a report on Tuesday, March 17th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of CONMED in a report on Thursday, June 4th. Wells Fargo & Company cut their target price on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Finally, Bank of America cut their target price on shares of CONMED from $52.00 to $40.00 and set a “neutral” rating for the company in a report on Monday, May 18th. Six investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average target price of $43.80.
View Our Latest Report on CONMED
CONMED Stock Performance
CONMED (NYSE:CNMD – Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.82 by $0.07. The company had revenue of $317.05 million during the quarter, compared to analyst estimates of $310.64 million. CONMED had a net margin of 4.00% and a return on equity of 13.84%. The firm’s revenue was down 1.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 EPS. As a group, research analysts predict that CONMED Corporation will post 4.38 EPS for the current fiscal year.
Institutional Investors Weigh In On CONMED
Several institutional investors and hedge funds have recently added to or reduced their stakes in CNMD. Kestra Advisory Services LLC acquired a new stake in CONMED during the 4th quarter worth $26,000. Kelleher Financial Advisors acquired a new position in shares of CONMED during the 3rd quarter valued at about $28,000. Aster Capital Management DIFC Ltd boosted its position in shares of CONMED by 409.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock valued at $29,000 after acquiring an additional 581 shares during the last quarter. Quarry LP boosted its position in shares of CONMED by 244.8% during the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock valued at $41,000 after acquiring an additional 617 shares during the last quarter. Finally, Huntington National Bank boosted its position in shares of CONMED by 111.8% during the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock valued at $42,000 after acquiring an additional 466 shares during the last quarter.
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.
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