CONMED (NYSE:CNMD) Receives "Buy" Rating from Needham & Company LLC

CONMED (NYSE:CNMD - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They presently have a $97.00 price objective on the stock. Needham & Company LLC's target price would suggest a potential upside of 42.04% from the stock's previous close.

Several other equities analysts also recently weighed in on the stock. Piper Sandler reduced their target price on shares of CONMED from $95.00 to $80.00 and set an "overweight" rating for the company in a research note on Thursday, August 1st. Stifel Nicolaus reduced their target price on shares of CONMED from $88.00 to $76.00 and set a "buy" rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company cut their price objective on shares of CONMED from $77.00 to $71.00 and set an "equal weight" rating for the company in a research report on Thursday, August 1st. Finally, StockNews.com upgraded shares of CONMED from a "hold" rating to a "buy" rating in a research report on Wednesday, October 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $79.80.

CONMED Stock Performance

Shares of CNMD traded up $3.03 during trading hours on Thursday, hitting $68.29. The company's stock had a trading volume of 794,755 shares, compared to its average volume of 488,628. The company has a market cap of $2.11 billion, a price-to-earnings ratio of 26.16, a PEG ratio of 0.82 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.34 and a quick ratio of 1.13. The business has a 50 day simple moving average of $69.56 and a two-hundred day simple moving average of $70.16. CONMED has a 52-week low of $61.05 and a 52-week high of $117.27.

CONMED (NYSE:CNMD - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.06. The firm had revenue of $316.70 million during the quarter, compared to the consensus estimate of $318.46 million. CONMED had a net margin of 7.73% and a return on equity of 13.89%. On average, equities analysts expect that CONMED will post 3.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CONMED

Several hedge funds have recently bought and sold shares of CNMD. Earnest Partners LLC lifted its position in CONMED by 18.9% during the second quarter. Earnest Partners LLC now owns 2,818,606 shares of the company's stock valued at $195,386,000 after purchasing an additional 447,498 shares during the last quarter. Champlain Investment Partners LLC lifted its holdings in shares of CONMED by 36.1% in the 1st 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 during the last quarter. Clearbridge Investments LLC bought a new stake in shares of CONMED in the 1st quarter worth approximately $27,343,000. Deerfield Management Company L.P. Series C lifted its holdings in shares of CONMED by 86.7% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company's stock worth $43,759,000 after acquiring an additional 293,099 shares during the last quarter. Finally, Cooke & Bieler LP lifted its holdings in shares of CONMED by 49.8% in the 2nd quarter. Cooke & Bieler LP now owns 628,621 shares of the company's stock worth $43,576,000 after acquiring an additional 209,064 shares during 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.