CONMED (NYSE:CNMD) Given New $52.00 Price Target at Bank of America

by · The Cerbat Gem

CONMED (NYSE:CNMD – Get Free Report) had its price objective lowered by stock analysts at Bank of America from $65.00 to $52.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 29.47% from the company’s current price.

Several other equities research analysts have also weighed in on the stock. Wells Fargo & Company lowered their target price on shares of CONMED from $57.00 to $47.00 and set an “equal weight” rating on the stock in a report on Thursday, November 6th. Piper Sandler decreased their price objective on shares of CONMED from $68.00 to $55.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CONMED in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. decreased their price target on CONMED from $58.00 to $52.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $53.67.

Get Our Latest Stock Report on CONMED

CONMED Trading Down 9.2%

CNMD stock opened at $40.16 on Monday. CONMED has a 1-year low of $38.95 and a 1-year high of $76.34. The firm has a market cap of $1.24 billion, a P/E ratio of 19.59, a P/E/G ratio of 1.33 and a beta of 0.98. The business’s 50 day moving average is $44.76 and its 200-day moving average is $50.06. The company has a current ratio of 2.10, a quick ratio of 0.95 and a debt-to-equity ratio of 0.85.

CONMED (NYSE:CNMD – Get Free Report) last posted its earnings results on Wednesday, November 5th. The company reported $1.08 EPS for the quarter, topping the consensus estimate of $1.05 by $0.03. CONMED had a return on equity of 14.22% and a net margin of 4.75%.The business had revenue of $337.93 million during the quarter, compared to the consensus estimate of $334.76 million. During the same quarter last year, the company earned $1.05 EPS. CONMED’s revenue was up 6.7% on a year-over-year basis. CONMED has set its FY 2025 guidance at 4.480-4.530 EPS. Equities analysts anticipate that CONMED will post 4.35 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Charles Farkas sold 2,000 shares of the firm’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $53.52, for a total value of $107,040.00. Following the transaction, the director owned 14,859 shares in the company, valued at $795,253.68. This trade represents a 11.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Kelleher Financial Advisors bought a new stake in shares of CONMED during the third quarter worth approximately $28,000. CWM LLC grew its position in shares of CONMED by 352.0% in the 2nd quarter. CWM LLC now owns 791 shares of the company’s stock valued at $41,000 after purchasing an additional 616 shares during the period. Quarry LP increased its position in shares of CONMED by 244.8% during the third quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after acquiring an additional 617 shares in the last quarter. Huntington National Bank raised its stake in shares of CONMED by 111.8% in the 3rd 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 period. Finally, Caitong International Asset Management Co. Ltd bought a new stake in CONMED in the 2nd quarter valued at approximately $48,000.

About CONMED

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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.

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