CONMED (NYSE:CNMD) Shares Gap Down – Here’s Why

by · The Cerbat Gem

CONMED Corporation (NYSE:CNMD – Get Free Report)’s share price gapped down prior to trading on Wednesday. The stock had previously closed at $47.33, but opened at $44.07. CONMED shares last traded at $44.39, with a volume of 6,407 shares traded.

Wall Street Analyst Weigh In

Several brokerages have commented on CNMD. Bank of America reissued an “underperform” rating and issued a $40.00 price objective on shares of CONMED in a report on Monday, June 29th. Zacks Research raised CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. BMO Capital Markets initiated coverage on CONMED in a research report on Wednesday, July 8th. They set a “market perform” rating and a $36.00 target price on the stock. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a research note on Monday, July 13th. Finally, Wells Fargo & Company boosted their price target on shares of CONMED from $39.00 to $46.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Seven research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $41.40.

View Our Latest Report on CONMED

CONMED Stock Performance

The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.69 and a current ratio of 1.48. The firm’s 50 day simple moving average is $48.12 and its 200-day simple moving average is $40.75. The company has a market cap of $1.33 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 2.16 and a beta of 0.94.

CONMED (NYSE:CNMD – Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.27. The business had revenue of $343.49 million during the quarter, compared to the consensus estimate of $337.60 million. CONMED had a return on equity of 14.31% and a net margin of 4.12%.The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the company earned $1.15 EPS. CONMED has set its FY 2026 guidance at 4.480-4.600 EPS. On average, sell-side analysts predict that CONMED Corporation will post 4.54 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio purchased a new stake in shares of CONMED in the 2nd quarter valued at approximately $27,000. Rockefeller Capital Management L.P. increased its holdings in CONMED by 48.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock valued at $42,000 after purchasing an additional 341 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of CONMED by 210.8% during the second quarter. Versant Capital Management Inc now owns 1,125 shares of the company’s stock worth $37,000 after buying an additional 763 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of CONMED in the second quarter valued at $41,000. Finally, Allworth Financial LP purchased a new stake in shares of CONMED in the 2nd quarter valued at $47,000.

About CONMED

(Get Free Report)

CONMED Corporation (NYSE: CNMD) is a medical technology company that develops, manufactures and markets products used in minimally invasive surgical procedures. Its offerings support healthcare providers across a range of specialties, including general surgery, gastroenterology, pulmonology, gynecology, orthopedics and sports medicine.

The company’s products include advanced surgical devices and systems, electrosurgical equipment, smoke evacuation systems, endoscopic instruments, powered surgical tools, and orthopedic products used in arthroscopic and reconstructive procedures.

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