Needham & Company LLC Lowers CONMED (NYSE:CNMD) Price Target to $107.00

CONMED (NYSE:CNMD) had its target price decreased by Needham & Company LLC from $129.00 to $107.00 in a research note released on Thursday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other equities research analysts have also weighed in on the company. Wells Fargo & Company cut their price objective on CONMED from $107.00 to $98.00 and set an equal weight rating on the stock in a research report on Thursday, February 1st. Piper Sandler cut their price objective on CONMED from $130.00 to $100.00 and set an overweight rating on the stock in a research report on Thursday, February 1st. Finally, JPMorgan Chase & Co. cut their price objective on CONMED from $135.00 to $115.00 and set an overweight rating on the stock in a research report on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, CONMED has a consensus rating of Moderate Buy and an average price target of $107.86.

CONMED Stock Performance

NYSE:CNMD opened at $65.78 on Thursday. The business’s 50-day moving average price is $78.06 and its two-hundred day moving average price is $93.36. CONMED has a twelve month low of $61.05 and a twelve month high of $138.47. The stock has a market cap of $2.03 billion, a P/E ratio of 25.20, a PEG ratio of 0.60 and a beta of 1.33. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.74 by $0.05. CONMED had a return on equity of 13.99% and a net margin of 6.53%. The firm had revenue of $312.27 million for the quarter, compared to analyst estimates of $307.06 million. As a group, equities analysts predict that CONMED will post 4.3 EPS for the current fiscal year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s payout ratio is 30.65%.

Institutional Trading of CONMED

Institutional investors have recently made changes to their positions in the business. Oak Family Advisors LLC boosted its stake in CONMED by 21.4% during the first quarter. Oak Family Advisors LLC now owns 7,951 shares of the company’s stock valued at $637,000 after buying an additional 1,401 shares during the last quarter. Fifth Third Bancorp boosted its stake in CONMED by 3.9% during the first quarter. Fifth Third Bancorp now owns 18,051 shares of the company’s stock valued at $1,446,000 after buying an additional 672 shares during the last quarter. Raymond James & Associates boosted its stake in CONMED by 5.3% during the first quarter. Raymond James & Associates now owns 84,635 shares of the company’s stock valued at $6,778,000 after buying an additional 4,231 shares during the last quarter. AMI Asset Management Corp boosted its stake in CONMED by 31.1% during the first quarter. AMI Asset Management Corp now owns 55,728 shares of the company’s stock valued at $4,463,000 after buying an additional 13,204 shares during the last quarter. Finally, Diversified Trust Co boosted its stake in CONMED by 69.3% during the first quarter. Diversified Trust Co now owns 10,991 shares of the company’s stock valued at $880,000 after buying an additional 4,500 shares during 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.