CONMED (NYSE:CNMD) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of CONMED (NYSE:CNMD) in a research note released on Friday, Benzinga reports. The firm currently has a $97.00 price objective on the stock.

A number of other research analysts also recently commented on CNMD. Piper Sandler lowered their target price on CONMED from $95.00 to $80.00 and set an overweight rating for the company in a research report on Thursday, August 1st. Stifel Nicolaus lowered their price target on CONMED from $88.00 to $76.00 and set a buy rating for the company in a research report on Thursday, August 1st. StockNews.com downgraded CONMED from a buy rating to a hold rating in a research report on Tuesday, October 1st. Finally, Wells Fargo & Company lowered their price target on CONMED from $77.00 to $71.00 and set an equal weight rating for the company in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $79.80.

CONMED Trading Up 0.0 %

CNMD stock opened at $66.59 on Friday. CONMED has a 1-year low of $61.05 and a 1-year high of $117.27. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.34 and a quick ratio of 1.13. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of 25.51, a PEG ratio of 0.98 and a beta of 1.46. The business has a 50 day simple moving average of $70.82 and a two-hundred day simple moving average of $71.92.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.06. CONMED had a return on equity of 13.89% and a net margin of 7.73%. The business had revenue of $332.10 million during the quarter, compared to the consensus estimate of $334.39 million. During the same period in the prior year, the company posted $0.83 EPS. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. Research analysts anticipate that CONMED will post 3.99 EPS for the current fiscal year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.80 dividend on an annualized basis and a yield of 1.20%. CONMED’s payout ratio is 30.65%.

Hedge Funds Weigh In On CONMED

Institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio increased its stake in shares of CONMED by 29.1% during the first quarter. Public Employees Retirement System of Ohio now owns 47,595 shares of the company’s stock valued at $3,811,000 after buying an additional 10,736 shares during the period. UniSuper Management Pty Ltd acquired a new stake in shares of CONMED during the first quarter worth about $673,000. Mountain Pacific Investment Advisers Inc. ID lifted its holdings in shares of CONMED by 29.0% during the first quarter. Mountain Pacific Investment Advisers Inc. ID now owns 248,304 shares of the company’s stock worth $19,884,000 after purchasing an additional 55,878 shares during the period. Duality Advisers LP lifted its holdings in shares of CONMED by 149.5% during the first quarter. Duality Advisers LP now owns 18,541 shares of the company’s stock worth $1,485,000 after purchasing an additional 11,110 shares during the period. Finally, Kempner Capital Management Inc. acquired a new stake in shares of CONMED during the second quarter worth about $6,480,000.

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.