CONMED (NYSE:CNMD) Rating Reiterated by Needham & Company LLC

CONMED (NYSE:CNMD)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $107.00 price objective on the stock. Needham & Company LLC’s price target would indicate a potential upside of 49.34% from the company’s previous close.

Several other research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. reduced their target price on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Piper Sandler dropped their price target on shares of CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, April 25th. Finally, Wells Fargo & Company dropped their price target on shares of 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 investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.86.

CONMED Stock Up 1.3 %

Shares of NYSE:CNMD opened at $71.65 on Monday. CONMED has a 52-week low of $61.05 and a 52-week high of $138.47. The stock has a market cap 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 business’s 50 day moving average is $76.66 and its 200 day moving average is $92.32. The company has a quick ratio of 1.08, a current ratio of 2.18 and a debt-to-equity ratio of 1.16.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. The business had revenue of $312.27 million for 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%. Sell-side analysts predict that CONMED will post 4.3 EPS for the current year.

Insider Activity

In other news, COO Pat Beyer acquired 3,000 shares of CONMED stock in a transaction that occurred on Tuesday, April 30th. The shares were acquired at an average price 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 of the company’s stock, valued at approximately $738,118.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

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