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 note released on Thursday morning, Benzinga reports. They currently have a $97.00 target price on the stock.

A number of other equities analysts have also weighed in on CNMD. StockNews.com upgraded shares of CONMED from a “hold” rating to a “buy” rating in a report on Wednesday, October 9th. Wells Fargo & Company decreased their price objective on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Piper Sandler decreased their price objective on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Finally, Stifel Nicolaus decreased their price objective on shares of CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a 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. According to data from MarketBeat.com, CONMED has an average rating of “Moderate Buy” and an average price target of $79.80.

CONMED Stock Performance

Shares of CNMD opened at $70.40 on Thursday. 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 business’s 50 day moving average price is $69.52 and its 200-day moving average price is $70.12. CONMED has a 52 week low of $61.05 and a 52 week high of $117.27. The stock has a market cap of $2.17 billion, a P/E ratio of 16.72, a P/E/G ratio of 0.85 and a beta of 1.45.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.06. CONMED had a return on equity of 14.15% and a net margin of 10.23%. The firm had revenue of $316.70 million for the quarter, compared to analysts’ expectations of $318.46 million. Equities research analysts anticipate that CONMED will post 3.99 earnings per share for the current fiscal 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 paid a dividend of $0.20 per share. The ex-dividend date was Monday, September 16th. This represents a $0.80 dividend on an annualized basis and a yield of 1.14%. CONMED’s dividend payout ratio is presently 19.00%.

Institutional Investors Weigh In On CONMED

A number of hedge funds have recently added to or reduced their stakes in the stock. Atria Investments Inc raised its stake in CONMED by 28.9% during the 3rd quarter. Atria Investments Inc now owns 14,216 shares of the company’s stock valued at $1,022,000 after buying an additional 3,189 shares during the last quarter. Confluence Investment Management LLC increased its stake in shares of CONMED by 188.9% in the 3rd quarter. Confluence Investment Management LLC now owns 146,942 shares of the company’s stock worth $10,568,000 after purchasing an additional 96,081 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of CONMED by 4.2% in the 3rd quarter. Principal Financial Group Inc. now owns 620,715 shares of the company’s stock worth $44,631,000 after purchasing an additional 25,047 shares in the last quarter. QRG Capital Management Inc. increased its stake in shares of CONMED by 5.0% in the 3rd quarter. QRG Capital Management Inc. now owns 5,827 shares of the company’s stock worth $419,000 after purchasing an additional 280 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of CONMED by 75.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 154,446 shares of the company’s stock worth $11,108,000 after purchasing an additional 66,347 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.