Needham & Company LLC Cuts CONMED (NYSE:CNMD) Price Target to $91.00

CONMED (NYSE:CNMD) had its price target dropped by equities research analysts at Needham & Company LLC from $97.00 to $91.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 22.39% from the company’s previous close.

A number of other analysts also recently issued reports on CNMD. StockNews.com downgraded shares of CONMED from a “buy” rating to a “hold” rating in a report on Friday, November 8th. JPMorgan Chase & Co. downgraded shares of CONMED from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $85.00 to $70.00 in a report on Thursday. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, CONMED currently has an average rating of “Moderate Buy” and a consensus price target of $77.60.

CONMED Price Performance

CNMD stock opened at $74.35 on Thursday. CONMED has a 12-month low of $61.05 and a 12-month high of $88.60. 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’s 50-day moving average price is $70.64 and its two-hundred day moving average price is $70.22. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 1.04 and a beta of 1.46.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 earnings per share (EPS) for the quarter, topping 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%. As a group, equities analysts predict that CONMED will post 4.03 earnings per share for the current year.

Institutional Investors Weigh In On CONMED

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in shares of CONMED by 93.6% in the fourth quarter. GAMMA Investing LLC now owns 726 shares of the company’s stock worth $50,000 after purchasing an additional 351 shares in the last quarter. CWM LLC raised its holdings in CONMED by 36.1% during the third quarter. CWM LLC now owns 1,251 shares of the company’s stock valued at $90,000 after acquiring an additional 332 shares during the period. Pacer Advisors Inc. lifted its position in shares of CONMED by 41.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,656 shares of the company’s stock valued at $113,000 after acquiring an additional 485 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of CONMED by 19.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock worth $136,000 after purchasing an additional 322 shares in the last quarter. Finally, nVerses Capital LLC raised its stake in CONMED by 566.7% during the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $144,000 after purchasing an additional 1,700 shares during the period.

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.