CONMED’s (CNMD) “Buy” Rating Reaffirmed at Needham & Company LLC

CONMED (NYSE:CNMD)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a report released on Monday, Benzinga reports. They currently have a $107.00 price target on the stock. Needham & Company LLC’s price objective suggests a potential upside of 49.11% from the company’s previous close.

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

CONMED Price Performance

Shares of NYSE:CNMD opened at $71.76 on Monday. The company has a current ratio of 2.18, a quick ratio of 1.08 and a debt-to-equity ratio of 1.16. CONMED has a 1 year low of $61.05 and a 1 year high of $138.47. The business has a fifty day simple moving average of $76.85 and a 200 day simple moving average of $92.49. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 27.49, a P/E/G ratio of 0.68 and a beta of 1.37.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.05. CONMED had a return on equity of 13.78% and a net margin of 6.53%. The company had revenue of $312.27 million for the quarter, compared to analyst estimates of $307.06 million. As a group, sell-side analysts predict that CONMED will post 4.3 earnings per share for the current fiscal year.

Insider Buying and Selling at CONMED

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

Institutional Trading of CONMED

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Versor Investments LP bought a new stake in CONMED in the 3rd quarter valued at about $475,000. Walleye Capital LLC acquired a new position in CONMED in the 3rd quarter valued at approximately $5,691,000. Trexquant Investment LP bought a new stake in shares of CONMED in the 3rd quarter valued at $2,534,000. California Public Employees Retirement System boosted its stake in shares of CONMED by 14.9% in the 3rd quarter. California Public Employees Retirement System now owns 49,065 shares of the company’s stock valued at $4,948,000 after purchasing an additional 6,356 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in CONMED by 6.0% during the fourth quarter. Fifth Third Bancorp now owns 17,379 shares of the company’s stock worth $1,903,000 after acquiring an additional 987 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.