CONMED Co. (NYSE:CNMD) Receives $79.80 Average Price Target from Brokerages

Shares of CONMED Co. (NYSE:CNMD) have received an average rating of “Moderate Buy” from the five brokerages that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $79.80.

CNMD has been the subject of several recent analyst reports. Piper Sandler decreased their price objective on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Stifel Nicolaus lowered their price objective on CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, August 1st. StockNews.com cut CONMED from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $97.00 price target on shares of CONMED in a report on Thursday, October 31st. Finally, Wells Fargo & Company reduced their price objective on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st.

CONMED Stock Performance

CONMED stock opened at $71.19 on Friday. The firm has a market capitalization of $2.20 billion, a PE ratio of 16.91, a price-to-earnings-growth ratio of 0.96 and a beta of 1.45. CONMED has a one year low of $61.05 and a one year high of $117.27. The stock’s 50 day moving average price is $69.76 and its 200 day moving average price is $70.33. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.06 and a current ratio of 2.27.

CONMED (NYSE:CNMD) last issued its quarterly earnings data 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 13.84% and a net margin of 10.23%. The firm had revenue of $316.70 million during the quarter, compared to analyst estimates of $318.46 million. As a group, sell-side analysts expect that CONMED will post 4.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Earnest Partners LLC lifted its stake in CONMED by 18.9% in the second quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock valued at $195,386,000 after buying an additional 447,498 shares during the last quarter. Champlain Investment Partners LLC lifted its position in CONMED by 36.1% in the 1st quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company’s stock valued at $104,349,000 after purchasing an additional 345,735 shares during the last quarter. Clearbridge Investments LLC acquired a new position in CONMED during the 1st quarter valued at about $27,343,000. Deerfield Management Company L.P. Series C grew its position in CONMED by 86.7% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock worth $43,759,000 after purchasing an additional 293,099 shares during the last quarter. Finally, Cooke & Bieler LP increased its stake in shares of CONMED by 49.8% in the second quarter. Cooke & Bieler LP now owns 628,621 shares of the company’s stock valued at $43,576,000 after purchasing an additional 209,064 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.