CONMED (NYSE:CNMD) Price Target Cut to $91.00 by Analysts at Needham & Company LLC

CONMED (NYSE:CNMD) had its price target reduced by Needham & Company LLC from $97.00 to $91.00 in a research report released on Thursday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on CNMD. StockNews.com cut CONMED from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. lowered CONMED from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $85.00 to $70.00 in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.20.

CONMED Price Performance

CNMD opened at $67.43 on Thursday. The company has a fifty day simple moving average of $70.53 and a 200 day simple moving average of $70.20. The company has a current ratio of 2.27, a quick ratio of 1.06 and a debt-to-equity ratio of 1.01. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of 16.02, a PEG ratio of 1.04 and a beta of 1.46. CONMED has a twelve month low of $61.05 and a twelve month high of $88.60.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, February 5th. The company reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.14. CONMED had a return on equity of 13.84% and a net margin of 10.23%. Equities research analysts expect that CONMED will post 4.03 EPS for the current fiscal year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Stockholders of record on Friday, December 20th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date was Friday, December 20th. CONMED’s payout ratio is 19.00%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CNMD. Champlain Investment Partners LLC boosted its holdings in shares of CONMED by 6.4% during the third quarter. Champlain Investment Partners LLC now owns 1,367,650 shares of the company’s stock valued at $98,361,000 after acquiring an additional 81,970 shares during the period. Geode Capital Management LLC grew its position in CONMED by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 693,400 shares of the company’s stock worth $49,879,000 after purchasing an additional 8,274 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of CONMED by 0.7% in the fourth quarter. Principal Financial Group Inc. now owns 625,058 shares of the company’s stock valued at $42,780,000 after purchasing an additional 4,343 shares during the period. ArrowMark Colorado Holdings LLC raised its holdings in shares of CONMED by 0.8% during the third quarter. ArrowMark Colorado Holdings LLC now owns 501,803 shares of the company’s stock valued at $36,090,000 after buying an additional 4,032 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of CONMED by 41.4% during the fourth quarter. Fisher Asset Management LLC now owns 417,430 shares of the company’s stock worth $28,569,000 after buying an additional 122,140 shares during the period.

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.