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

Needham & Company LLC reissued their buy rating on shares of CONMED (NYSE:CNMD) in a report issued on Friday, Benzinga reports. They currently have a $97.00 price objective on the stock.

Several other equities research analysts have also recently commented on CNMD. Wells Fargo & Company lowered their target price on CONMED from $77.00 to $71.00 and set an equal weight rating for the company in a research note on Thursday, August 1st. Piper Sandler lowered their price objective 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 cut their target price on shares of CONMED from $88.00 to $76.00 and set a buy rating on the stock in a research report on Thursday, August 1st. Finally, StockNews.com lowered shares of CONMED from a buy rating to a hold rating in a research note on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, CONMED presently has a consensus rating of Moderate Buy and an average target price of $79.80.

CONMED Stock Down 3.9 %

Shares of NYSE:CNMD opened at $64.02 on Friday. The company has a quick ratio of 1.13, a current ratio of 2.34 and a debt-to-equity ratio of 1.09. The firm has a market cap of $1.97 billion, a P/E ratio of 24.53, a P/E/G ratio of 0.98 and a beta of 1.46. CONMED has a 12 month low of $61.05 and a 12 month high of $117.27. The company’s 50-day moving average price is $70.82 and its two-hundred day moving average price is $71.89.

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

CONMED Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 16th were issued 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 1.25%. CONMED’s dividend payout ratio is presently 30.65%.

Institutional Trading of CONMED

A number of hedge funds have recently modified their holdings of the company. Diversified Trust Co grew its holdings in shares of CONMED by 18.0% in the 3rd quarter. Diversified Trust Co now owns 13,275 shares of the company’s stock valued at $955,000 after buying an additional 2,025 shares during the period. SG Americas Securities LLC grew its stake in CONMED by 117.6% in the third quarter. SG Americas Securities LLC now owns 10,924 shares of the company’s stock valued at $786,000 after acquiring an additional 5,903 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of CONMED in the second quarter worth about $913,000. Clearbridge Investments LLC increased its holdings in shares of CONMED by 23.4% in the second quarter. Clearbridge Investments LLC now owns 421,465 shares of the company’s stock worth $29,216,000 after acquiring an additional 80,025 shares in the last quarter. Finally, Creative Planning raised its position in shares of CONMED by 83.6% during the second quarter. Creative Planning now owns 7,136 shares of the company’s stock worth $495,000 after purchasing an additional 3,250 shares during the period.

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.