Needham & Company LLC Reaffirms Buy Rating for CONMED (NYSE:CNMD)

CONMED (NYSE:CNMD)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research note issued to investors on Monday, Benzinga reports. They currently have a $107.00 price objective on the stock. Needham & Company LLC’s price objective suggests a potential upside of 49.34% from the company’s current price.

Other analysts have also recently issued reports about the stock. JPMorgan Chase & Co. cut their price target on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a report on Thursday, April 25th. Wells Fargo & Company decreased their price target on CONMED from $98.00 to $77.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. Finally, Piper Sandler cut their price objective on CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, April 25th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $107.86.

CONMED Trading Up 1.3 %

Shares of CNMD opened at $71.65 on Monday. CONMED has a twelve month low of $61.05 and a twelve month high of $138.47. The firm has a market capitalization of $2.21 billion, a P/E ratio of 27.45, a price-to-earnings-growth ratio of 0.68 and a beta of 1.37. The company has a current ratio of 2.18, a quick ratio of 1.08 and a debt-to-equity ratio of 1.16. The stock’s fifty day simple moving average is $76.66 and its 200 day simple moving average is $92.32.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.05. The firm had revenue of $312.27 million during the quarter, compared to analysts’ expectations of $307.06 million. CONMED had a net margin of 6.53% and a return on equity of 13.78%. On average, equities research analysts forecast that CONMED will post 4.3 earnings per share for the current year.

Insider Activity

In other CONMED news, COO Pat Beyer purchased 3,000 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was bought at an average cost of $68.30 per share, with a total value of $204,900.00. Following the acquisition, the chief operating officer now owns 10,807 shares of the company’s stock, valued at $738,118.10. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On CONMED

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System lifted its position in CONMED by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 8,705 shares of the company’s stock worth $878,000 after buying an additional 121 shares in the last quarter. Olympiad Research LP lifted its position in CONMED by 5.9% in the 4th quarter. Olympiad Research LP now owns 2,410 shares of the company’s stock worth $264,000 after buying an additional 134 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in CONMED by 4.7% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 3,095 shares of the company’s stock worth $312,000 after buying an additional 140 shares in the last quarter. Franklin Resources Inc. lifted its position in CONMED by 0.9% in the 4th quarter. Franklin Resources Inc. now owns 14,966 shares of the company’s stock worth $1,639,000 after buying an additional 140 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its position in CONMED by 2.7% in the 4th quarter. QRG Capital Management Inc. now owns 5,900 shares of the company’s stock worth $646,000 after buying an additional 154 shares in 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.