Needham & Company LLC Reiterates Hold Rating for CONMED (NYSE:CNMD)

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

Other equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. dropped their price target on shares of CONMED from $58.00 to $52.00 and set a “neutral” rating on the stock in a research note 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 on the stock in a research report on Thursday, November 6th. Bank of America cut their price target on CONMED from $65.00 to $52.00 and set a “neutral” rating for the company in a research note on Monday, December 8th. Zacks Research lowered CONMED from a “hold” rating to a “strong sell” rating in a report on Thursday, January 1st. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of CONMED in a report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $53.67.

CONMED Price Performance

NYSE CNMD opened at $38.59 on Thursday. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.10 and a quick ratio of 0.95. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of 18.83, a price-to-earnings-growth ratio of 1.78 and a beta of 0.96. The company has a 50 day simple moving average of $41.49 and a 200-day simple moving average of $46.49. CONMED has a 52-week low of $38.32 and a 52-week high of $74.70.

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

Institutional Investors Weigh In On CONMED

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tributary Capital Management LLC bought a new position in CONMED during the third quarter worth $19,549,000. Keeler Thomas Management LLC bought a new stake in CONMED in the 2nd quarter valued at $1,081,000. Dynamic Technology Lab Private Ltd acquired a new stake in CONMED in the 2nd quarter worth $659,000. SG Americas Securities LLC increased its holdings in shares of CONMED by 3,041.3% during the 3rd quarter. SG Americas Securities LLC now owns 63,894 shares of the company’s stock worth $3,005,000 after purchasing an additional 61,860 shares during the period. Finally, Nordea Investment Management AB increased its holdings in shares of CONMED by 0.7% during the 2nd quarter. Nordea Investment Management AB now owns 75,441 shares of the company’s stock worth $3,948,000 after purchasing an additional 520 shares during the period.

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.