CONMED’s (CNMD) Hold Rating Reaffirmed at Needham & Company LLC

CONMED (NYSE:CNMD)‘s stock had its “hold” rating reiterated by analysts at Needham & Company LLC in a report released on Thursday,Benzinga reports.

A number of other analysts have also recently weighed in on CNMD. Bank of America lowered their target price on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a research note on Monday, December 8th. JPMorgan Chase & Co. decreased their price objective on CONMED from $58.00 to $52.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Wells Fargo & Company dropped their target price on CONMED from $57.00 to $47.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. Weiss Ratings restated a “sell (d+)” rating on shares of CONMED in a research report on Wednesday, January 21st. Finally, Piper Sandler lowered their price target on CONMED from $68.00 to $55.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $53.67.

CONMED Stock Performance

CNMD opened at $38.59 on Thursday. The stock’s 50 day simple moving average is $41.49 and its 200-day simple moving average is $46.49. The company has a current ratio of 2.10, a quick ratio of 0.95 and a debt-to-equity ratio of 0.85. The stock has a market cap of $1.20 billion, a PE ratio of 18.83, a P/E/G ratio of 1.78 and a beta of 0.96. CONMED has a 1 year low of $38.32 and a 1 year high of $74.70.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.11. The firm had revenue of $373.20 million for the quarter, compared to the consensus estimate of $366.88 million. CONMED had a net margin of 4.75% and a return on equity of 14.22%. The business’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.34 earnings per share. Sell-side analysts forecast that CONMED will post 4.35 EPS for the current year.

Hedge Funds Weigh In On CONMED

Several institutional investors have recently bought and sold shares of CNMD. Kelleher Financial Advisors bought a new stake in shares of CONMED during the third quarter worth $28,000. CWM LLC lifted its position in CONMED by 352.0% during the 2nd quarter. CWM LLC now owns 791 shares of the company’s stock worth $41,000 after buying an additional 616 shares in the last quarter. Quarry LP grew its holdings in CONMED by 244.8% during the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after acquiring an additional 617 shares during the last quarter. Huntington National Bank grew its holdings in CONMED by 111.8% during the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock worth $42,000 after acquiring an additional 466 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in CONMED in the 2nd quarter valued at about $48,000.

About CONMED

CONMED Corporation (NYSE: CNMD) is a global medical technology company headquartered in Utica, New York. Founded in 1970, CONMED develops, manufactures and markets a broad portfolio of surgical devices and accessories for minimally invasive procedures. The company’s product line supports surgeons and healthcare providers in specialties including orthopedics, general surgery, gastroenterology and gynecology.

CONMED operates two principal segments: Orthopedics, and Visualization & Energy.