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

Needham & Company LLC reiterated their buy rating on shares of CONMED (NYSE:CNMD) in a research note issued to investors on Friday, Benzinga reports. Needham & Company LLC currently has a $97.00 price target on the stock.

A number of other research analysts have also recently issued reports on the company. StockNews.com cut CONMED from a buy rating to a hold rating in a research note on Tuesday. Piper Sandler lowered their price objective on CONMED from $95.00 to $80.00 and set an overweight rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company lowered their price objective on CONMED from $77.00 to $71.00 and set an equal weight rating for the company in a research note on Thursday, August 1st. Finally, Stifel Nicolaus reduced their target price on CONMED from $88.00 to $76.00 and set a buy rating for the company in a 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.com, CONMED has an average rating of Moderate Buy and an average target price of $79.80.

CONMED Stock Up 0.0 %

Shares of CNMD traded up $0.03 on Friday, reaching $66.59. The stock had a trading volume of 461,560 shares, compared to its average volume of 495,903. The company has a 50-day simple moving average of $70.91 and a 200-day simple moving average of $72.02. The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of 25.51, a price-to-earnings-growth ratio of 0.98 and a beta of 1.46. CONMED has a 12-month low of $61.05 and a 12-month high of $117.27. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.13 and a current ratio of 2.34.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. The business had revenue of $332.10 million during the quarter, compared to analysts’ expectations 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 previous year, the business earned $0.83 earnings per share. Sell-side analysts predict that CONMED will post 3.99 EPS for the current year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Monday, September 16th. CONMED’s payout ratio is 30.65%.

Institutional Trading of CONMED

Institutional investors and hedge funds have recently modified their holdings of the business. Arizona State Retirement System grew its holdings in shares of CONMED by 2.0% in the second quarter. Arizona State Retirement System now owns 8,619 shares of the company’s stock worth $597,000 after acquiring an additional 168 shares during the period. Hilltop National Bank grew its holdings in shares of CONMED by 31.0% in the second quarter. Hilltop National Bank now owns 825 shares of the company’s stock worth $57,000 after acquiring an additional 195 shares during the period. Diversified Trust Co grew its holdings in shares of CONMED by 2.4% in the second quarter. Diversified Trust Co now owns 11,250 shares of the company’s stock worth $780,000 after acquiring an additional 259 shares during the period. Louisiana State Employees Retirement System lifted its position in CONMED by 2.0% during the second quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the company’s stock valued at $1,074,000 after purchasing an additional 300 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in CONMED by 17.6% during the second quarter. Blue Trust Inc. now owns 2,468 shares of the company’s stock valued at $171,000 after purchasing an additional 370 shares in 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.