CONMED (NYSE:CNMD) Given Buy Rating at Needham & Company LLC

CONMED (NYSE:CNMD)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $97.00 target price on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 45.67% from the stock’s previous close.

A number of other equities analysts also recently weighed in on CNMD. StockNews.com downgraded CONMED from a “buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Wells Fargo & Company reduced their price objective on CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Stifel Nicolaus lowered their target price on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Finally, Piper Sandler reduced their price target 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. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.80.

CONMED Trading Up 0.0 %

NYSE CNMD opened at $66.59 on Friday. The company has a current ratio of 2.34, a quick ratio of 1.13 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $2.05 billion, a P/E ratio of 25.51, a PEG ratio of 0.98 and a beta of 1.46. The business has a fifty day simple moving average of $70.82 and a 200 day simple moving average of $71.95. CONMED has a 12 month low of $61.05 and a 12 month high of $117.27.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.92 by $0.06. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The company had revenue of $332.10 million during the quarter, compared to the consensus estimate of $334.39 million. During the same quarter in the prior year, the company posted $0.83 earnings per share. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, analysts predict that CONMED will post 3.99 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CNMD. Earnest Partners LLC lifted its holdings in CONMED by 18.9% during the second quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock valued at $195,386,000 after purchasing an additional 447,498 shares during the last quarter. Champlain Investment Partners LLC boosted its stake in CONMED by 36.1% in the 1st quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company’s stock worth $104,349,000 after purchasing an additional 345,735 shares during the period. Clearbridge Investments LLC bought a new stake in shares of CONMED during the first quarter valued at about $27,343,000. Deerfield Management Company L.P. Series C lifted its holdings in shares of CONMED by 86.7% in the second quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock worth $43,759,000 after buying an additional 293,099 shares in the last quarter. Finally, Cooke & Bieler LP boosted its position in shares of CONMED by 49.8% in the second quarter. Cooke & Bieler LP now owns 628,621 shares of the company’s stock valued at $43,576,000 after acquiring an additional 209,064 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.