CONMED’s (CNMD) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of CONMED (NYSE:CNMD) in a research report report published on Friday morning, Benzinga reports. Needham & Company LLC currently has a $97.00 target price on the stock.

Other equities analysts have also issued reports about the stock. StockNews.com lowered shares of CONMED from a buy rating to a hold rating in a research report on Tuesday, October 1st. Wells Fargo & Company cut their price objective on shares of CONMED from $77.00 to $71.00 and set an equal weight rating for the company in a research report on Thursday, August 1st. Piper Sandler cut their price objective on shares of CONMED from $95.00 to $80.00 and set an overweight rating for the company in a research report on Thursday, August 1st. Finally, Stifel Nicolaus cut their price objective on shares of CONMED from $88.00 to $76.00 and set a buy rating for the company in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $79.80.

CONMED Price Performance

Shares of NYSE:CNMD opened at $66.59 on Friday. The company has a quick ratio of 1.13, a current ratio of 2.34 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $2.05 billion, a PE ratio of 25.51, a P/E/G ratio of 0.98 and a beta of 1.46. CONMED has a twelve month low of $61.05 and a twelve month high of $117.27. The company has a 50-day moving average price of $70.82 and a two-hundred day moving average price of $71.92.

CONMED (NYSE:CNMD) last issued its earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.06. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The firm had revenue of $332.10 million during the quarter, compared to analyst estimates of $334.39 million. During the same quarter last year, the business earned $0.83 earnings per share. The company’s quarterly revenue was up 4.5% on a year-over-year basis. Equities analysts forecast that CONMED will post 3.99 EPS for the current year.

CONMED Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were given a dividend of $0.20 per share. The ex-dividend date was Monday, September 16th. This represents a $0.80 annualized dividend and a yield of 1.20%. CONMED’s payout ratio is presently 30.65%.

Institutional Investors Weigh In On CONMED

Several hedge funds have recently bought and sold shares of the stock. 1620 Investment Advisors Inc. purchased a new position in shares of CONMED during the second quarter worth approximately $39,000. Innealta Capital LLC bought a new stake in shares of CONMED during the 2nd quarter valued at $41,000. Hilltop National Bank boosted its holdings in shares of CONMED by 31.0% during the 2nd quarter. Hilltop National Bank now owns 825 shares of the company’s stock valued at $57,000 after buying an additional 195 shares in the last quarter. CWM LLC boosted its stake in CONMED by 224.7% in the 2nd quarter. CWM LLC now owns 919 shares of the company’s stock worth $64,000 after purchasing an additional 636 shares in the last quarter. Finally, AdvisorNet Financial Inc raised its position in CONMED by 70.6% in the 1st quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock worth $144,000 after buying an additional 745 shares during the last quarter.

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.