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

CONMED (NYSE:CNMD)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $97.00 price objective on the stock. Needham & Company LLC’s price target would indicate a potential upside of 48.64% from the company’s current price.

A number of other equities analysts have also commented on CNMD. Stifel Nicolaus lowered their price objective on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Wells Fargo & Company reduced their target price on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. StockNews.com raised CONMED from a “hold” rating to a “buy” rating in a report on Wednesday, October 9th. Finally, Piper Sandler reduced their target price on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $79.80.

CONMED Price Performance

CONMED stock opened at $65.26 on Thursday. The stock’s fifty day moving average price is $69.55 and its two-hundred day moving average price is $70.17. CONMED has a one year low of $61.05 and a one 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 firm has a market cap of $2.01 billion, a PE ratio of 25.00, a price-to-earnings-growth ratio of 0.82 and a beta of 1.46.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.06. CONMED had a return on equity of 13.89% and a net margin of 7.73%. The firm had revenue of $316.70 million for the quarter, compared to analyst estimates of $318.46 million. As a group, research analysts expect that CONMED will post 3.99 EPS for the current fiscal year.

Institutional Investors Weigh In On CONMED

Hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio boosted its holdings in shares of CONMED by 29.1% during the 1st quarter. Public Employees Retirement System of Ohio now owns 47,595 shares of the company’s stock valued at $3,811,000 after acquiring an additional 10,736 shares in the last quarter. UniSuper Management Pty Ltd acquired a new stake in shares of CONMED during the 1st quarter valued at $673,000. Duality Advisers LP lifted its holdings in CONMED by 149.5% during the 1st quarter. Duality Advisers LP now owns 18,541 shares of the company’s stock worth $1,485,000 after buying an additional 11,110 shares during the period. Kempner Capital Management Inc. acquired a new position in CONMED during the 2nd quarter worth about $6,480,000. Finally, Thornburg Investment Management Inc. lifted its holdings in CONMED by 35.5% during the 1st quarter. Thornburg Investment Management Inc. now owns 111,667 shares of the company’s stock worth $8,936,000 after buying an additional 29,281 shares during the period.

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.