CONMED (NYSE:CNMD) Price Target Cut to $76.00

CONMED (NYSE:CNMD) had its target price reduced by analysts at Stifel Nicolaus from $88.00 to $76.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price target would suggest a potential upside of 20.79% from the stock’s current price.

A number of other equities research analysts have also recently commented on CNMD. Needham & Company LLC reduced their price objective on CONMED from $106.00 to $97.00 and set a “buy” rating for the company in a research note on Thursday. Piper Sandler reduced their price objective on CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, April 25th. Wells Fargo & Company dropped their target price on CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. dropped their target price on CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a report on Thursday, April 25th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $82.80.

CONMED Trading Down 8.9 %

NYSE CNMD traded down $6.12 during trading hours on Thursday, hitting $62.92. 185,651 shares of the company’s stock were exchanged, compared to its average volume of 523,323. The stock has a 50-day simple moving average of $70.94 and a 200 day simple moving average of $77.25. CONMED has a 1-year low of $61.05 and a 1-year high of $117.27. The firm has a market cap of $1.94 billion, a price-to-earnings ratio of 24.11, a PEG ratio of 0.66 and a beta of 1.42. The company has a current ratio of 2.18, a quick ratio of 1.08 and a debt-to-equity ratio of 1.16.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. CONMED had a return on equity of 13.78% and a net margin of 6.53%. The firm had revenue of $332.10 million during the quarter, compared to analysts’ expectations of $334.39 million. During the same quarter last year, the firm posted $0.83 earnings per share. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities analysts forecast that CONMED will post 4.3 EPS for the current fiscal year.

Insider Activity at CONMED

In related news, insider Stanley W. Peters III sold 4,000 shares of CONMED stock in a transaction on Friday, June 14th. The stock was sold at an average price of $71.82, for a total transaction of $287,280.00. Following the transaction, the insider now directly owns 63 shares in the company, valued at $4,524.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Stanley W. Peters III sold 4,000 shares of CONMED stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $71.82, for a total value of $287,280.00. Following the sale, the insider now directly owns 63 shares of the company’s stock, valued at $4,524.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Barbara J. Schwarzentraub bought 1,442 shares of CONMED stock in a transaction dated Wednesday, May 8th. The stock was purchased at an average cost of $69.26 per share, for a total transaction of $99,872.92. Following the completion of the acquisition, the director now directly owns 1,442 shares of the company’s stock, valued at approximately $99,872.92. The disclosure for this purchase can be found here. 6.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On CONMED

Several large investors have recently added to or reduced their stakes in CNMD. Champlain Investment Partners LLC increased its stake in CONMED by 36.1% during the first quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company’s stock worth $104,349,000 after acquiring an additional 345,735 shares during the last quarter. Clearbridge Investments LLC bought a new stake in CONMED during the first quarter worth approximately $27,343,000. Capital Research Global Investors increased its stake in CONMED by 11.8% during the fourth quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock worth $301,931,000 after acquiring an additional 289,996 shares during the last quarter. M&G Plc bought a new stake in CONMED during the second quarter worth approximately $9,117,000. Finally, Kempner Capital Management Inc. bought a new stake in CONMED during the second quarter worth approximately $6,480,000.

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.