Needham & Company LLC restated their buy rating on shares of CONMED (NYSE:CNMD – Free Report) in a research report released on Thursday morning, Benzinga reports. The firm currently has a $97.00 price target on the stock.
Several other analysts have also issued reports on CNMD. Piper Sandler reduced their target price on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company reduced their target price on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Stifel Nicolaus reduced their target price on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, StockNews.com raised CONMED from a “hold” rating to a “buy” rating in a report on Wednesday, October 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $79.80.
Check Out Our Latest Stock Analysis on CNMD
CONMED Trading Up 4.6 %
CONMED (NYSE:CNMD – Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.06. CONMED had a return on equity of 14.15% and a net margin of 10.23%. The business had revenue of $316.70 million for the quarter, compared to analysts’ expectations of $318.46 million. Equities research analysts predict that CONMED will post 3.99 earnings per share for the current fiscal year.
CONMED Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 16th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.17%. CONMED’s dividend payout ratio (DPR) is 19.00%.
Institutional Investors Weigh In On CONMED
A number of hedge funds have recently added to or reduced their stakes in CNMD. Arizona State Retirement System grew its stake in CONMED by 2.0% in the second quarter. Arizona State Retirement System now owns 8,619 shares of the company’s stock valued at $597,000 after acquiring an additional 168 shares during the period. Hilltop National Bank boosted its position in shares of CONMED by 31.0% during the second quarter. Hilltop National Bank now owns 825 shares of the company’s stock valued at $57,000 after buying an additional 195 shares during the last quarter. Diversified Trust Co boosted its position in shares of CONMED by 2.4% during the second quarter. Diversified Trust Co now owns 11,250 shares of the company’s stock valued at $780,000 after buying an additional 259 shares during the last quarter. QRG Capital Management Inc. boosted its position in shares of CONMED by 5.0% during the third quarter. QRG Capital Management Inc. now owns 5,827 shares of the company’s stock valued at $419,000 after buying an additional 280 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its position in shares of CONMED by 2.0% during the second quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the company’s stock valued at $1,074,000 after buying an additional 300 shares during the last quarter.
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.
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