CONMED (NYSE:CNMD) PT Lowered to $107.00

CONMED (NYSE:CNMD) had its target price dropped by equities research analysts at Needham & Company LLC from $129.00 to $107.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 62.61% from the stock’s current price.

Several other research firms have also recently weighed in on CNMD. JPMorgan Chase & Co. cut their target price on shares of CONMED from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. Wells Fargo & Company lowered their price objective on shares of CONMED from $107.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Finally, Piper Sandler lowered their price objective on shares of CONMED from $130.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, February 1st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, CONMED currently has an average rating of “Moderate Buy” and a consensus target price of $107.86.

CONMED Stock Up 6.3 %

Shares of CONMED stock opened at $65.80 on Thursday. The company has a market cap of $2.03 billion, a price-to-earnings ratio of 25.21, a price-to-earnings-growth ratio of 0.63 and a beta of 1.33. The company’s 50 day moving average is $78.06 and its 200 day moving average is $93.44. CONMED has a twelve month low of $61.05 and a twelve month high of $138.47. 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 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. The company had revenue of $312.27 million during the quarter, compared to analysts’ expectations of $307.06 million. CONMED had a net margin of 6.53% and a return on equity of 13.99%. Research analysts anticipate that CONMED will post 4.34 EPS for the current year.

Institutional Investors Weigh In On CONMED

Institutional investors have recently made changes to their positions in the company. Versor Investments LP bought a new stake in shares of CONMED in the 3rd quarter worth about $475,000. Walleye Capital LLC bought a new stake in shares of CONMED in the 3rd quarter worth about $5,691,000. Trexquant Investment LP bought a new stake in shares of CONMED in the 3rd quarter worth about $2,534,000. California Public Employees Retirement System lifted its holdings 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 worth $4,948,000 after acquiring an additional 6,356 shares during the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of CONMED by 6.0% in the 4th quarter. Fifth Third Bancorp now owns 17,379 shares of the company’s stock worth $1,903,000 after acquiring an additional 987 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.