Needham & Company LLC Downgrades CONMED (NYSE:CNMD) to Hold

CONMED (NYSE:CNMD) was downgraded by equities researchers at Needham & Company LLC from a “buy” rating to a “hold” rating in a research report issued on Thursday, MarketBeat.com reports. They presently have a $61.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 13.95% from the stock’s current price.

Several other brokerages have also issued reports on CNMD. Wells Fargo & Company cut their price target on CONMED from $70.00 to $57.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. JPMorgan Chase & Co. reduced their price objective on CONMED from $70.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Wall Street Zen downgraded CONMED from a “buy” rating to a “hold” rating in a research note on Tuesday, May 6th. Finally, Stifel Nicolaus lowered shares of CONMED from a “buy” rating to a “hold” rating and cut their target price for the stock from $75.00 to $55.00 in a research report on Monday, April 28th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, CONMED currently has an average rating of “Hold” and a consensus target price of $62.20.

CONMED Stock Performance

Shares of CNMD stock opened at $53.53 on Thursday. The business’s 50-day moving average price is $55.00 and its 200-day moving average price is $62.24. The company has a current ratio of 2.30, a quick ratio of 1.06 and a debt-to-equity ratio of 0.94. CONMED has a 12 month low of $46.00 and a 12 month high of $78.19. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 1.83 and a beta of 1.24.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, April 30th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.81 by $0.14. CONMED had a return on equity of 14.31% and a net margin of 10.13%. The firm had revenue of $321.26 million for the quarter, compared to the consensus estimate of $313.38 million. During the same period in the previous year, the business earned $0.79 EPS. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. Equities research analysts forecast that CONMED will post 4.35 EPS for the current year.

Insider Buying and Selling

In other CONMED news, Director Charles Farkas sold 4,000 shares of CONMED stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $56.94, for a total transaction of $227,760.00. Following the completion of the sale, the director now directly owns 16,346 shares in the company, valued at $930,741.24. The trade was a 19.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of CONMED by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 3,574,420 shares of the company’s stock worth $244,633,000 after acquiring an additional 44,777 shares during the last quarter. Earnest Partners LLC boosted its stake in shares of CONMED by 0.9% during the 4th quarter. Earnest Partners LLC now owns 2,810,176 shares of the company’s stock valued at $192,328,000 after purchasing an additional 25,876 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of CONMED by 2.1% during the 4th quarter. Capital Research Global Investors now owns 1,577,172 shares of the company’s stock worth $107,942,000 after acquiring an additional 32,630 shares during the period. Westwood Holdings Group Inc. raised its holdings in CONMED by 41.1% in the first quarter. Westwood Holdings Group Inc. now owns 1,237,735 shares of the company’s stock worth $74,747,000 after purchasing an additional 360,336 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. increased its stake in shares of CONMED by 36.1% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,174,032 shares of the company’s stock worth $70,900,000 after acquiring an additional 311,288 shares in 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.