Needham & Company LLC Cuts CONMED (NYSE:CNMD) Price Target to $107.00

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

Several other equities analysts have also issued reports on CNMD. JPMorgan Chase & Co. reduced their price target on CONMED from $135.00 to $115.00 and set an overweight rating on the stock in a research report on Thursday, February 1st. Piper Sandler cut their target price on shares of CONMED from $130.00 to $100.00 and set an overweight rating on the stock in a report on Thursday, February 1st. Finally, Wells Fargo & Company decreased their target price on shares of CONMED from $107.00 to $98.00 and set an equal weight rating on the stock in a research note on Thursday, February 1st. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, CONMED currently has an average rating of Moderate Buy and an average price target of $107.86.

CONMED Price Performance

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

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.05. CONMED had a net margin of 6.53% and a return on equity of 13.99%. The business had revenue of $312.27 million during the quarter, compared to the consensus estimate of $307.06 million. Equities research analysts expect that CONMED will post 4.3 EPS for the current year.

CONMED Dividend Announcement

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

Institutional Trading of CONMED

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new position in CONMED in the 4th quarter worth $40,000. Principal Securities Inc. purchased a new position in shares of CONMED during the fourth quarter valued at about $46,000. Headlands Technologies LLC purchased a new position in shares of CONMED during the third quarter valued at about $64,000. AdvisorNet Financial Inc lifted its holdings in CONMED by 70.6% in the first quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock worth $144,000 after buying an additional 745 shares during the period. Finally, Quadrant Capital Group LLC boosted its position in CONMED by 44.2% during the 4th quarter. Quadrant Capital Group LLC now owns 1,631 shares of the company’s stock valued at $179,000 after acquiring an additional 500 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.