Zacks Research cut shares of CONMED (NYSE:CNMD – Free Report) from a hold rating to a strong sell rating in a research note released on Monday,Zacks.com reports.
Several other research analysts have also recently weighed in on CNMD. Bank of America restated an “underperform” rating and issued a $40.00 price objective on shares of CONMED in a research report on Monday, June 29th. Piper Sandler cut CONMED from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $55.00 to $39.00 in a research note on Tuesday, March 17th. JPMorgan Chase & Co. dropped their target price on CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. BMO Capital Markets assumed coverage on CONMED in a research note on Wednesday, July 8th. They set a “market perform” rating and a $36.00 price target on the stock. Finally, Wells Fargo & Company set a $39.00 price target on CONMED in a report on Monday. Five analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, CONMED presently has an average rating of “Reduce” and an average target price of $38.80.
View Our Latest Report on CONMED
CONMED Stock Down 1.1%
CONMED (NYSE:CNMD – Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.07. CONMED had a net margin of 4.00% and a return on equity of 13.84%. The company had revenue of $317.05 million during the quarter, compared to the consensus estimate of $310.64 million. During the same period in the previous year, the firm posted $0.95 earnings per share. The company’s revenue was down 1.3% on a year-over-year basis. As a group, research analysts forecast that CONMED will post 4.38 EPS for the current fiscal year.
Hedge Funds Weigh In On CONMED
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNMD. Kestra Advisory Services LLC bought a new stake in shares of CONMED in the 4th quarter valued at about $26,000. Kelleher Financial Advisors bought a new position in CONMED during the 3rd quarter worth approximately $28,000. Aster Capital Management DIFC Ltd boosted its stake in CONMED by 409.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock worth $29,000 after acquiring an additional 581 shares during the last quarter. Versant Capital Management Inc grew its holdings in CONMED by 210.8% during the second quarter. Versant Capital Management Inc now owns 1,125 shares of the company’s stock valued at $37,000 after purchasing an additional 763 shares during the period. Finally, Quarry LP grew its holdings in CONMED by 244.8% during the third quarter. Quarry LP now owns 869 shares of the company’s stock valued at $41,000 after purchasing an additional 617 shares during the period.
CONMED Company Profile
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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