Log Out

Needham & Company LLC Reaffirms "Maintains" Rating for CONMED (NYSE:CNMD)

Defense World · Aug 3, 2022 04:52

Needham & Company LLC restated their maintains rating on shares of CONMED (NYSE:CNMD – Get Rating) in a research note released on Tuesday morning, Benzinga reports.

CNMD has been the topic of several other research reports. TheStreet downgraded CONMED from a b- rating to a c+ rating in a report on Tuesday, June 21st. Piper Sandler decreased their price objective on CONMED from $160.00 to $118.00 and set an overweight rating on the stock in a report on Thursday, July 28th. Finally, Stifel Nicolaus decreased their price objective on CONMED from $160.00 to $110.00 and set a buy rating on the stock in a report on Thursday, June 23rd. One equities research analyst has rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $118.33.

Get CONMED alerts:

CONMED Trading Up 0.9 %

Shares of CNMD stock opened at $98.46 on Tuesday. The company has a quick ratio of 1.16, a current ratio of 2.34 and a debt-to-equity ratio of 0.86. The business has a 50-day moving average price of $100.28 and a two-hundred day moving average price of $123.99. CONMED has a 12-month low of $87.24 and a 12-month high of $159.11. The firm has a market cap of $2.91 billion, a P/E ratio of 50.75, a price-to-earnings-growth ratio of 3.19 and a beta of 1.53.

CONMED (NYSE:CNMD – Get Rating) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.01. CONMED had a return on equity of 13.20% and a net margin of 6.19%. The firm had revenue of $277.20 million during the quarter, compared to analyst estimates of $274.22 million. During the same quarter in the previous year, the company posted $0.71 earnings per share. The company's revenue was up 8.6% compared to the same quarter last year. Equities analysts anticipate that CONMED will post 3.7 EPS for the current fiscal year.

CONMED Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 5th. Investors of record on Wednesday, June 15th were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, June 14th. This represents a $0.80 dividend on an annualized basis and a yield of 0.81%. CONMED's dividend payout ratio is presently 41.24%.

Insider Activity at CONMED

In related news, Director Jerome J. Lande sold 6,000 shares of the business's stock in a transaction dated Friday, May 13th. The stock was sold at an average price of $115.42, for a total transaction of $692,520.00. Following the transaction, the director now owns 3,928 shares in the company, valued at approximately $453,369.76. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Jerome J. Lande sold 6,000 shares of the business's stock in a transaction dated Friday, May 13th. The stock was sold at an average price of $115.42, for a total transaction of $692,520.00. Following the transaction, the director now owns 3,928 shares in the company, valued at approximately $453,369.76. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Todd W. Garner sold 2,662 shares of CONMED stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $99.79, for a total value of $265,640.98. The disclosure for this sale can be found here. Insiders have sold a total of 10,183 shares of company stock worth $1,136,118 in the last 90 days. Company insiders own 1.10% of the company's stock.

Institutional Trading of CONMED

A number of hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp boosted its position in shares of CONMED by 42.4% in the 4th quarter. Fifth Third Bancorp now owns 252 shares of the company's stock worth $36,000 after purchasing an additional 75 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of CONMED by 3.8% in the 4th quarter. CIBC Asset Management Inc now owns 2,200 shares of the company's stock worth $312,000 after purchasing an additional 80 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in shares of CONMED by 0.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 25,219 shares of the company's stock worth $3,842,000 after purchasing an additional 96 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its position in CONMED by 1.5% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 6,700 shares of the company's stock valued at $995,000 after acquiring an additional 100 shares in the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in CONMED by 113.2% in the 4th quarter. Parkside Financial Bank & Trust now owns 194 shares of the company's stock valued at $28,000 after acquiring an additional 103 shares in the last quarter.

About CONMED

(Get Rating)

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. It offers orthopedic surgery products, including TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and PopLok Knotless Suture Anchors, which provide unique clinical solutions to orthopedic surgeons for the repair of soft tissue injuries, as well as supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.