CONMED Corporation (NYSE:CNMD – Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $35.95, but opened at $34.55. CONMED shares last traded at $33.4530, with a volume of 47,562 shares changing hands.
Analyst Ratings Changes
CNMD has been the topic of a number of recent research reports. JPMorgan Chase & Co. reduced their price objective on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. Wall Street Zen lowered CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Bank of America restated an “underperform” rating and set a $40.00 price objective on shares of CONMED in a research note on Monday. Wells Fargo & Company reduced 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, Piper Sandler cut shares of CONMED from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $55.00 to $39.00 in a report on Tuesday, March 17th. Five analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $39.50.
Get Our Latest Stock Analysis on CONMED
CONMED Stock Down 5.3%
CONMED (NYSE:CNMD – Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.82 by $0.07. The firm 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%. CONMED’s revenue was down 1.3% on a year-over-year basis. During the same period last year, the firm posted $0.95 EPS. On average, equities analysts predict that CONMED Corporation will post 4.38 earnings per share for the current fiscal year.
Institutional Investors Weigh In On CONMED
A number of large investors have recently made changes to their positions in the stock. WINTON GROUP Ltd increased its holdings in CONMED by 0.3% in the 4th quarter. WINTON GROUP Ltd now owns 78,887 shares of the company’s stock worth $3,203,000 after buying an additional 260 shares during the period. Rockefeller Capital Management L.P. increased its stake in shares of CONMED by 48.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock worth $42,000 after acquiring an additional 341 shares during the period. California State Teachers Retirement System raised its holdings in shares of CONMED by 1.6% during the second quarter. California State Teachers Retirement System now owns 28,522 shares of the company’s stock worth $1,485,000 after purchasing an additional 442 shares during the last quarter. State of Wyoming lifted its position in CONMED by 41.3% during the fourth quarter. State of Wyoming now owns 1,567 shares of the company’s stock valued at $64,000 after purchasing an additional 458 shares during the period. Finally, Huntington National Bank boosted its holdings in CONMED by 111.8% in the third quarter. Huntington National Bank now owns 883 shares of the company’s stock valued at $42,000 after purchasing 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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