Needham & Company LLC Lowers CONMED (NYSE:CNMD) Price Target to $106.00

CONMED (NYSE:CNMD) had its price objective reduced by Needham & Company LLC from $107.00 to $106.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

CNMD has been the topic of a number of other reports. JPMorgan Chase & Co. lowered their target price on shares of CONMED from $115.00 to $75.00 and set an overweight rating on the stock in a research report on Thursday, April 25th. Piper Sandler lowered their price objective on shares of CONMED from $100.00 to $95.00 and set an overweight rating on the stock in a research report on Thursday, April 25th. Finally, Wells Fargo & Company reduced their target price on shares of CONMED from $98.00 to $77.00 and set an equal weight rating for the company in a report on Thursday, April 25th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $94.60.

CONMED Stock Up 0.6 %

Shares of NYSE CNMD opened at $71.00 on Thursday. The business has a 50-day moving average price of $71.27 and a 200 day moving average price of $77.90. The stock has a market cap of $2.19 billion, a PE ratio of 27.20, a price-to-earnings-growth ratio of 0.68 and a beta of 1.42. The company has a quick ratio of 1.08, a current ratio of 2.18 and a debt-to-equity ratio of 1.16. CONMED has a 52-week low of $61.05 and a 52-week high of $133.57.

CONMED Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 5th. Stockholders of record on Friday, June 14th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.13%. The ex-dividend date was Friday, June 14th. CONMED’s dividend payout ratio (DPR) is presently 30.65%.

Insider Activity

In other news, COO Pat Beyer acquired 3,000 shares of CONMED stock in a transaction that occurred on Tuesday, April 30th. The stock was purchased at an average price of $68.30 per share, for a total transaction of $204,900.00. Following the completion of the transaction, the chief operating officer now directly owns 10,807 shares in the company, valued at $738,118.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other CONMED news, COO Pat Beyer acquired 3,000 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was purchased at an average price of $68.30 per share, for a total transaction of $204,900.00. Following the completion of the transaction, the chief operating officer now owns 10,807 shares of the company’s stock, valued at approximately $738,118.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Barbara J. Schwarzentraub bought 1,442 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were bought at an average price of $69.26 per share, for a total transaction of $99,872.92. Following the completion of the transaction, the director now directly owns 1,442 shares in the company, valued at approximately $99,872.92. The disclosure for this purchase can be found here. Insiders have bought a total of 6,442 shares of company stock valued at $446,733 over the last quarter. Corporate insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On CONMED

Several hedge funds have recently bought and sold shares of the company. Legato Capital Management LLC purchased a new position in shares of CONMED in the second quarter valued at $684,000. Allspring Global Investments Holdings LLC increased its holdings in CONMED by 17,519.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 88,099 shares of the company’s stock valued at $6,107,000 after acquiring an additional 87,599 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in CONMED by 2.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the company’s stock valued at $1,074,000 after acquiring an additional 300 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in CONMED during the second quarter worth about $39,000. Finally, Oak Family Advisors LLC lifted its holdings in shares of CONMED by 32.0% in the second quarter. Oak Family Advisors LLC now owns 10,499 shares of the company’s stock valued at $728,000 after purchasing an additional 2,548 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.