Needham & Company LLC Reaffirms “Buy” Rating for CONMED (NYSE:CNMD)

Needham & Company LLC restated their buy rating on shares of CONMED (NYSE:CNMD) in a research report report published on Monday morning, Benzinga reports. They currently have a $107.00 target price on the stock.

Several other analysts have also recently weighed in on CNMD. Piper Sandler reduced their target price on shares of CONMED from $100.00 to $95.00 and set an overweight rating on the stock in a report on Thursday, April 25th. Wells Fargo & Company reduced their price objective on shares of CONMED from $98.00 to $77.00 and set an equal weight rating on the stock in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. cut their price target on CONMED from $115.00 to $75.00 and set an overweight rating on the stock in a research note on Thursday, April 25th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, CONMED has a consensus rating of Moderate Buy and an average price target of $107.86.

CONMED Stock Performance

CNMD opened at $69.40 on Monday. The stock has a market cap of $2.14 billion, a P/E ratio of 26.59, a P/E/G ratio of 0.68 and a beta of 1.37. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.18 and a quick ratio of 1.08. The firm has a fifty day moving average price of $76.28 and a 200 day moving average price of $92.01. CONMED has a 1 year low of $61.05 and a 1 year high of $138.47.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. CONMED had a return on equity of 13.78% and a net margin of 6.53%. The business had revenue of $312.27 million during the quarter, compared to analysts’ expectations of $307.06 million. Equities research analysts anticipate that CONMED will post 4.3 earnings per share for the current year.

CONMED Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date was Thursday, March 14th. CONMED’s dividend payout ratio is presently 30.65%.

Insider Activity

In other news, Director Martha Goldberg Aronson purchased 2,000 shares of the stock in a transaction dated Monday, May 6th. The stock was acquired at an average price of $70.98 per share, for a total transaction of $141,960.00. Following the completion of the transaction, the director now owns 2,000 shares of the company’s stock, valued at $141,960. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other CONMED news, COO Pat Beyer bought 3,000 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were purchased at an average price of $68.30 per share, with a total value of $204,900.00. Following the purchase, the chief operating officer now directly owns 10,807 shares of the company’s stock, valued at $738,118.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Martha Goldberg Aronson purchased 2,000 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was acquired at an average cost of $70.98 per share, with a total value of $141,960.00. Following the purchase, the director now owns 2,000 shares of the company’s stock, valued at approximately $141,960. The disclosure for this purchase can be found here. Corporate insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On CONMED

A number of hedge funds and other institutional investors have recently modified their holdings of CNMD. Capital Research Global Investors boosted its stake in CONMED by 11.8% during the 4th quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock valued at $301,931,000 after purchasing an additional 289,996 shares in the last quarter. Eagle Asset Management Inc. grew its holdings in CONMED by 67.3% during the third quarter. Eagle Asset Management Inc. now owns 198,982 shares of the company’s stock worth $20,067,000 after acquiring an additional 80,036 shares during the period. Sectoral Asset Management Inc. grew its holdings in CONMED by 150.5% during the third quarter. Sectoral Asset Management Inc. now owns 114,000 shares of the company’s stock worth $11,497,000 after acquiring an additional 68,500 shares during the period. Congress Asset Management Co. MA raised its position in CONMED by 32.3% in the third quarter. Congress Asset Management Co. MA now owns 278,187 shares of the company’s stock worth $28,055,000 after acquiring an additional 67,866 shares in the last quarter. Finally, Intrinsic Edge Capital Management LLC lifted its holdings in CONMED by 672.5% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 77,248 shares of the company’s stock valued at $8,459,000 after acquiring an additional 67,248 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.