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

CONMED (NYSE:CNMD) had its target price dropped by equities researchers at Needham & Company LLC from $129.00 to $107.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target points to a potential upside of 53.13% from the company’s previous close.

Several other equities research analysts also recently issued reports on CNMD. JPMorgan Chase & Co. lowered their price objective 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 cut their price target on shares of CONMED from $107.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday, February 1st. Finally, Piper Sandler cut their price target on shares of CONMED from $130.00 to $100.00 and set an “overweight” rating for the company 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 company’s stock. Based on data from MarketBeat.com, CONMED presently has a consensus rating of “Moderate Buy” and an average target price of $117.29.

CONMED Stock Down 2.0 %

Shares of CNMD stock opened at $69.88 on Thursday. The firm has a fifty day moving average of $78.80 and a 200-day moving average of $93.89. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17. CONMED has a 12-month low of $69.78 and a 12-month high of $138.47. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 34.25, a P/E/G ratio of 0.65 and a beta of 1.33.

CONMED (NYSE:CNMD) last issued its quarterly earnings data on Wednesday, April 24th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.05. CONMED had a net margin of 5.18% and a return on equity of 13.69%. The company had revenue of $312.27 million during the quarter, compared to the consensus estimate of $307.06 million. As a group, equities research analysts predict that CONMED will post 4.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CONMED

Several hedge funds have recently bought and sold shares of CNMD. SG Americas Securities LLC bought a new position in CONMED in the 3rd quarter valued at about $2,387,000. Mountain Pacific Investment Advisers Inc. ID increased its holdings in 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 3rd quarter. AMI Asset Management Corp now owns 43,725 shares of the company’s stock valued at $4,410,000 after purchasing an additional 5,085 shares in the last quarter. Raymond James & Associates boosted its stake in shares of CONMED by 2.6% in the 3rd quarter. Raymond James & Associates now owns 82,959 shares of the company’s stock valued at $8,366,000 after purchasing an additional 2,131 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its stake in shares of CONMED by 4.7% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 3,095 shares of the company’s stock valued at $312,000 after purchasing an additional 140 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.