Needham & Company LLC Reaffirms “Buy” Rating for CONMED (NYSE:CNMD)

CONMED (NYSE:CNMD)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports. They currently have a $97.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 37.84% from the stock’s current price.

Several other equities research analysts have also weighed in on the stock. Wells Fargo & Company cut their target price on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Stifel Nicolaus reduced their target price on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. StockNews.com raised CONMED from a “hold” rating to a “buy” rating in a research report on Wednesday, October 9th. Finally, Piper Sandler decreased their price objective on 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. According to data from MarketBeat, CONMED presently has a consensus rating of “Moderate Buy” and an average price target of $79.80.

CONMED Stock Performance

CNMD stock opened at $70.37 on Thursday. CONMED has a twelve month low of $61.05 and a twelve month high of $117.27. 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 company has a market cap of $2.17 billion, a P/E ratio of 16.71, a price-to-earnings-growth ratio of 0.85 and a beta of 1.45. The business’s fifty day moving average is $69.52 and its 200-day moving average is $70.12.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.06. The company had revenue of $316.70 million during the quarter, compared to analyst estimates of $318.46 million. CONMED had a return on equity of 14.15% and a net margin of 10.23%. Equities research analysts forecast that CONMED will post 3.99 EPS for the current year.

Hedge Funds Weigh In On CONMED

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in CONMED by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 3,456,834 shares of the company’s stock valued at $276,823,000 after buying an additional 36,823 shares during the last quarter. Earnest Partners LLC increased its position in shares of CONMED by 18.9% in the second quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock valued at $195,386,000 after acquiring an additional 447,498 shares during the last quarter. Champlain Investment Partners LLC raised its holdings in CONMED by 36.1% during the first quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company’s stock worth $104,349,000 after acquiring an additional 345,735 shares in the last quarter. Deerfield Management Company L.P. Series C boosted its position in CONMED by 86.7% during the second quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock valued at $43,759,000 after purchasing an additional 293,099 shares during the last quarter. Finally, Cooke & Bieler LP grew its stake in 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 purchasing an additional 209,064 shares in 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.