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

CONMED (NYSE:CNMD)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued on Monday, Benzinga reports. They currently have a $107.00 target price on the stock. Needham & Company LLC’s target price suggests a potential upside of 49.11% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company decreased their price objective on shares of CONMED from $98.00 to $77.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. JPMorgan Chase & Co. decreased their price objective on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a research note on Thursday, April 25th. Finally, Piper Sandler decreased their price objective on shares of CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $107.86.

CONMED Trading Up 2.3 %

Shares of CONMED stock opened at $71.76 on Monday. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 27.49, a PEG ratio of 0.68 and a beta of 1.37. CONMED has a twelve month low of $61.05 and a twelve month high of $138.47. The company has a quick ratio of 1.08, a current ratio of 2.18 and a debt-to-equity ratio of 1.16. The business has a 50-day moving average price of $76.85 and a 200-day moving average price of $92.49.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.74 by $0.05. The company had revenue of $312.27 million during the quarter, compared to analyst estimates of $307.06 million. CONMED had a return on equity of 13.78% and a net margin of 6.53%. Equities research analysts anticipate that CONMED will post 4.3 EPS for the current fiscal year.

Insider Transactions at CONMED

In other CONMED news, COO Pat Beyer purchased 3,000 shares of the stock in a transaction on Tuesday, April 30th. The shares were bought 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On CONMED

Hedge funds and other institutional investors have recently modified their holdings of the business. Capital Research Global Investors boosted its position in shares of CONMED by 11.8% during the 4th quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock valued at $301,931,000 after acquiring an additional 289,996 shares during the last quarter. Eagle Asset Management Inc. grew its stake in shares of CONMED by 67.3% in the 3rd quarter. Eagle Asset Management Inc. now owns 198,982 shares of the company’s stock valued at $20,067,000 after buying an additional 80,036 shares during the period. Sectoral Asset Management Inc. increased its holdings in shares of CONMED by 150.5% during the 3rd quarter. Sectoral Asset Management Inc. now owns 114,000 shares of the company’s stock worth $11,497,000 after buying an additional 68,500 shares during the last quarter. Congress Asset Management Co. MA raised its position in shares of CONMED by 32.3% during the 3rd quarter. Congress Asset Management Co. MA now owns 278,187 shares of the company’s stock valued at $28,055,000 after buying an additional 67,866 shares during the period. Finally, Intrinsic Edge Capital Management LLC lifted its holdings in CONMED by 672.5% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 77,248 shares of the company’s stock valued at $8,459,000 after acquiring an additional 67,248 shares during 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.