CONMED (NYSE:CNMD) Price Target Cut to $107.00 by Analysts at Needham & Company LLC

CONMED (NYSE:CNMD) had its price objective cut by Needham & Company LLC from $129.00 to $107.00 in a report published on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also recently commented on CNMD. JPMorgan Chase & Co. decreased their target price on shares of CONMED from $135.00 to $115.00 and set an overweight rating for the company in a research report on Thursday, February 1st. Wells Fargo & Company dropped their target price on CONMED from $107.00 to $98.00 and set an equal weight rating on the stock in a research note on Thursday, February 1st. Finally, Piper Sandler lowered their price target on CONMED from $130.00 to $100.00 and set an overweight rating for the company in a report on Thursday, February 1st. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $107.86.

CONMED Stock Performance

Shares of CNMD stock opened at $65.78 on Thursday. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 25.20, a PEG ratio of 0.60 and a beta of 1.33. CONMED has a 52-week low of $61.05 and a 52-week high of $138.47. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17. The company’s 50 day moving average is $78.06 and its 200 day moving average is $93.39.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. CONMED had a return on equity of 13.99% and a net margin of 6.53%. The business had revenue of $312.27 million for the quarter, compared to the consensus estimate of $307.06 million. On average, sell-side analysts anticipate that CONMED will post 4.3 EPS for the current fiscal year.

CONMED Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date was Thursday, March 14th. CONMED’s dividend payout ratio (DPR) is 30.65%.

Hedge Funds Weigh In On CONMED

A number of institutional investors have recently bought and sold shares of CNMD. SG Americas Securities LLC purchased a new position in shares of CONMED during the third quarter worth $2,387,000. Mountain Pacific Investment Advisers Inc. ID lifted its holdings in shares of CONMED by 8.7% in the 3rd quarter. Mountain Pacific Investment Advisers Inc. ID now owns 144,376 shares of the company’s stock valued at $14,560,000 after buying an additional 11,538 shares during the period. AMI Asset Management Corp boosted its stake in shares of CONMED by 13.2% in the third quarter. AMI Asset Management Corp now owns 43,725 shares of the company’s stock worth $4,410,000 after buying an additional 5,085 shares during the last quarter. Raymond James & Associates grew its holdings in CONMED by 2.6% during the third quarter. Raymond James & Associates now owns 82,959 shares of the company’s stock worth $8,366,000 after acquiring an additional 2,131 shares during the period. Finally, Raymond James Financial Services Advisors Inc. lifted its holdings in CONMED by 4.7% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 3,095 shares of the company’s stock valued at $312,000 after acquiring an additional 140 shares during the period.

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.