CONMED (NYSE:CNMD) Earns “Buy” Rating from Needham & Company LLC

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

CNMD has been the subject of a number of other reports. JPMorgan Chase & Co. decreased their price objective on shares of CONMED from $115.00 to $75.00 and set an overweight rating for the company in a research note on Thursday, April 25th. Piper Sandler reduced their target price on CONMED from $100.00 to $95.00 and set an overweight rating for the company in a report on Thursday, April 25th. Finally, Wells Fargo & Company dropped their price target on CONMED from $98.00 to $77.00 and set an equal weight rating on the stock in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $107.86.

CONMED Price Performance

Shares of NYSE CNMD opened at $69.40 on Monday. The stock’s 50-day simple moving average is $76.28 and its 200-day simple moving average is $92.01. The firm has a market capitalization of $2.14 billion, a PE ratio of 26.59, a price-to-earnings-growth ratio of 0.68 and a beta of 1.37. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $138.47. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.08 and a current ratio of 2.18.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.74 by $0.05. The company had revenue of $312.27 million for the quarter, compared to analyst estimates of $307.06 million. CONMED had a net margin of 6.53% and a return on equity of 13.78%. As a group, equities research analysts forecast that CONMED will post 4.3 EPS for the current fiscal year.

CONMED Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s dividend payout ratio (DPR) is presently 30.65%.

Insider Buying and Selling at CONMED

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

Institutional Trading of CONMED

Hedge funds have recently modified their holdings of the business. Capital Research Global Investors grew its holdings in CONMED by 11.8% during the fourth quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock worth $301,931,000 after acquiring an additional 289,996 shares during the period. Eagle Asset Management Inc. grew its stake in shares of CONMED by 67.3% during the 3rd quarter. Eagle Asset Management Inc. now owns 198,982 shares of the company’s stock worth $20,067,000 after purchasing an additional 80,036 shares during the period. Sectoral Asset Management Inc. increased its holdings in shares of CONMED by 150.5% in the 3rd quarter. Sectoral Asset Management Inc. now owns 114,000 shares of the company’s stock valued at $11,497,000 after purchasing an additional 68,500 shares in the last quarter. Congress Asset Management Co. MA lifted its stake in shares of CONMED by 32.3% in the third quarter. Congress Asset Management Co. MA now owns 278,187 shares of the company’s stock valued at $28,055,000 after purchasing an additional 67,866 shares during the period. Finally, Intrinsic Edge Capital Management LLC boosted its holdings in CONMED by 672.5% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 77,248 shares of the company’s stock worth $8,459,000 after buying an additional 67,248 shares in 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.