CONMED (NYSE:CNMD) Upgraded at StockNews.com

CONMED (NYSE:CNMD) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.

Other analysts have also recently issued reports about the company. Wells Fargo & Company decreased their price objective on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Needham & Company LLC reiterated a “buy” rating and set a $97.00 price objective on shares of CONMED in a research report on Friday, October 4th. Piper Sandler reduced their target price on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Finally, Stifel Nicolaus lowered their price target on shares of CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $79.80.

CONMED Price Performance

Shares of NYSE:CNMD opened at $61.80 on Wednesday. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 23.68, a P/E/G ratio of 0.98 and a beta of 1.46. The firm has a fifty day moving average price of $70.40 and a 200 day moving average price of $71.60. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $117.27. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.13 and a current ratio of 2.34.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.92 by $0.06. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The business had revenue of $332.10 million during the quarter, compared to the consensus estimate of $334.39 million. During the same quarter in the prior year, the firm earned $0.83 EPS. The business’s revenue was up 4.5% on a year-over-year basis. As a group, sell-side analysts expect that CONMED will post 3.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CONMED

Several hedge funds have recently added to or reduced their stakes in CNMD. 1620 Investment Advisors Inc. purchased a new position in shares of CONMED during the second quarter valued at approximately $39,000. Innealta Capital LLC purchased a new position in CONMED during the 2nd quarter valued at $41,000. Hilltop National Bank grew its position in CONMED by 31.0% in the 2nd quarter. Hilltop National Bank now owns 825 shares of the company’s stock valued at $57,000 after acquiring an additional 195 shares during the last quarter. CWM LLC increased its stake in CONMED by 224.7% in the second quarter. CWM LLC now owns 919 shares of the company’s stock worth $64,000 after purchasing an additional 636 shares during the period. Finally, AdvisorNet Financial Inc lifted its position in shares of CONMED by 70.6% during the first quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock worth $144,000 after purchasing an additional 745 shares during the last quarter.

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.