Needham & Company LLC Reiterates Buy Rating for CONMED (NYSE:CNMD)

CONMED (NYSE:CNMD)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research note issued on Friday, Benzinga reports. They presently have a $97.00 target price on the stock. Needham & Company LLC’s price objective suggests a potential upside of 44.22% from the stock’s current price.

CNMD has been the topic of several other research reports. Wells Fargo & Company dropped their target price on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Stifel Nicolaus cut their target price on CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Piper Sandler decreased their price target on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Finally, StockNews.com lowered shares of CONMED from a “buy” rating to a “hold” rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, CONMED has a consensus rating of “Moderate Buy” and a consensus price target of $79.80.

CONMED Stock Performance

Shares of CONMED stock traded up $0.70 on Friday, reaching $67.26. 203,760 shares of the company traded hands, compared to its average volume of 494,561. 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 firm has a market capitalization of $2.07 billion, a PE ratio of 25.79, a PEG ratio of 0.98 and a beta of 1.46. The company has a 50 day moving average of $70.91 and a 200 day moving average of $72.02. CONMED has a 52 week low of $61.05 and a 52 week high of $117.27.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.06. The company had revenue of $332.10 million during the quarter, compared to the consensus estimate of $334.39 million. CONMED had a return on equity of 13.89% and a net margin of 7.73%. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.83 EPS. Equities analysts forecast that CONMED will post 3.99 earnings per share for the current year.

Institutional Investors Weigh In On CONMED

Large investors have recently added to or reduced their stakes in the company. Earnest Partners LLC boosted its holdings in shares of CONMED by 18.9% in the 2nd quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock worth $195,386,000 after purchasing an additional 447,498 shares in the last quarter. Champlain Investment Partners LLC boosted its stake in CONMED by 36.1% in the first quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company’s stock worth $104,349,000 after buying an additional 345,735 shares in the last quarter. Clearbridge Investments LLC bought a new position in CONMED during the first quarter valued at approximately $27,343,000. Deerfield Management Company L.P. Series C grew 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 acquiring an additional 293,099 shares during the last quarter. Finally, Cooke & Bieler LP raised its stake in shares of CONMED by 49.8% during the second 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 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.