Conmed Corp. (CNMD) Price Target Raised to $53.00 at Needham & Company LLC
Conmed Corp. (NASDAQ:CNMD) had its price objective hoisted by Needham & Company LLC from $49.00 to $53.00 in a report published on Friday. They currently have a buy rating on the medical technology company’s stock.
Several other research firms have also commented on CNMD. Leerink Swann lowered shares of Conmed Corp. from an outperform rating to a market perform rating and reduced their price target for the company from $56.00 to $47.00 in a research report on Thursday, July 28th. Zacks Investment Research lowered Conmed Corp. from a hold rating to a sell rating in a research report on Friday, July 29th.
Conmed Corp. (NASDAQ:CNMD) traded up 0.19% during mid-day trading on Friday, reaching $45.73. The company’s stock had a trading volume of 28,349 shares. The stock has a 50-day moving average price of $40.84 and a 200-day moving average price of $41.99. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of 81.66 and a beta of 0.81. Conmed Corp. has a one year low of $35.51 and a one year high of $50.16.
Conmed Corp. (NASDAQ:CNMD) last released its quarterly earnings results on Thursday, October 27th. The medical technology company reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.01. The firm had revenue of $184.79 million for the quarter, compared to analyst estimates of $180.13 million. Conmed Corp. had a net margin of 2.11% and a return on equity of 8.26%. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 EPS. Equities research analysts forecast that Conmed Corp. will post $1.87 EPS for the current year.
In other Conmed Corp. news, EVP Daniel Jonas sold 1,500 shares of the business’s stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $41.78, for a total value of $62,670.00. Following the completion of the transaction, the executive vice president now owns 16,590 shares in the company, valued at $693,130.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.91% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the company. PineBridge Investments L.P. increased its position in Conmed Corp. by 3.9% in the second quarter. PineBridge Investments L.P. now owns 3,273 shares of the medical technology company’s stock valued at $157,000 after buying an additional 124 shares during the period. Teacher Retirement System of Texas increased its position in Conmed Corp. by 14.0% in the second quarter. Teacher Retirement System of Texas now owns 3,490 shares of the medical technology company’s stock valued at $167,000 after buying an additional 429 shares during the period. SG Americas Securities LLC purchased a new position in shares of Conmed Corp. during the third quarter worth approximately $173,000. Suntrust Banks Inc. purchased a new position in shares of Conmed Corp. during the second quarter worth approximately $205,000. Finally, CNA Financial Corp purchased a new position in shares of Conmed Corp. during the second quarter worth approximately $229,000. Institutional investors and hedge funds own 98.80% of the company’s stock.
About Conmed Corp.
CONMED Corporation is a medical technology company. The Company is engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. Its products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
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