Wells Fargo & Company Cuts CONMED (NYSE:CNMD) Price Target to $70.00

CONMED (NYSE:CNMD) had its price target reduced by analysts at Wells Fargo & Company from $74.00 to $70.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential downside of 1.35% from the company’s previous close.

Several other equities analysts also recently issued reports on CNMD. Needham & Company LLC reduced their price objective on shares of CONMED from $97.00 to $91.00 and set a “buy” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. cut CONMED from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $85.00 to $70.00 in a report on Thursday. Finally, StockNews.com lowered CONMED from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.40.

CONMED Price Performance

Shares of NYSE CNMD traded down $3.04 on Thursday, hitting $70.96. The company’s stock had a trading volume of 263,894 shares, compared to its average volume of 406,522. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.27 and a quick ratio of 1.06. The stock has a 50 day moving average of $70.64 and a 200-day moving average of $70.22. CONMED has a 12-month low of $61.05 and a 12-month high of $88.60. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 16.89, a price-to-earnings-growth ratio of 1.04 and a beta of 1.46.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, February 5th. The company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.14. CONMED had a return on equity of 13.84% and a net margin of 10.23%. As a group, research analysts predict that CONMED will post 4.03 EPS for the current year.

Institutional Trading of CONMED

A number of hedge funds have recently made changes to their positions in CNMD. Smartleaf Asset Management LLC increased its stake in shares of CONMED by 19.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock worth $136,000 after buying an additional 322 shares during the last quarter. Connable Office Inc. grew its holdings in CONMED by 18.2% during the 4th quarter. Connable Office Inc. now owns 5,766 shares of the company’s stock worth $395,000 after acquiring an additional 888 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of CONMED by 41.4% in the 4th quarter. Fisher Asset Management LLC now owns 417,430 shares of the company’s stock valued at $28,569,000 after purchasing an additional 122,140 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of CONMED during the fourth quarter worth about $909,000. Finally, Illinois Municipal Retirement Fund grew its stake in CONMED by 3.5% in the fourth quarter. Illinois Municipal Retirement Fund now owns 16,514 shares of the company’s stock worth $1,130,000 after purchasing an additional 566 shares in the last quarter.

CONMED Company Profile

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.