CONMED Co. (CNMD) Receives $79.25 Consensus Target Price from Brokerages

Shares of CONMED Co. (NASDAQ:CNMD) have been given a consensus recommendation of “Buy” by the six analysts that are currently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $79.25.

A number of brokerages have recently issued reports on CNMD. Zacks Investment Research raised CONMED from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a research note on Friday, January 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $79.00 price objective (down from $86.00) on shares of CONMED in a research note on Wednesday, January 23rd. BidaskClub raised CONMED from a “sell” rating to a “hold” rating in a research note on Friday, December 28th. Finally, Barclays set a $78.00 price objective on CONMED and gave the company an “equal weight” rating in a research note on Tuesday, October 16th.

NASDAQ CNMD traded up $0.94 during trading hours on Wednesday, reaching $70.24. 5,463 shares of the stock traded hands, compared to its average volume of 362,835. CONMED has a 1 year low of $56.90 and a 1 year high of $83.49. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 32.17, a PEG ratio of 2.47 and a beta of 0.68. The company has a quick ratio of 1.27, a current ratio of 2.20 and a debt-to-equity ratio of 0.68.

CONMED (NASDAQ:CNMD) last announced its quarterly earnings data on Tuesday, January 22nd. The medical technology company reported $0.73 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.73. CONMED had a return on equity of 9.70% and a net margin of 4.75%. The firm had revenue of $242.40 million for the quarter, compared to analysts’ expectations of $228.40 million. During the same period last year, the firm earned $0.69 earnings per share. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. On average, equities analysts expect that CONMED will post 2.44 earnings per share for the current fiscal year.

In related news, EVP Peter K. Shagory sold 4,000 shares of the firm’s stock in a transaction dated Thursday, January 31st. The stock was sold at an average price of $69.29, for a total value of $277,160.00. Following the sale, the executive vice president now directly owns 5,155 shares of the company’s stock, valued at $357,189.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.13% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of CNMD. BlackRock Inc. boosted its position in CONMED by 5.9% during the 4th quarter. BlackRock Inc. now owns 4,271,666 shares of the medical technology company’s stock valued at $274,240,000 after acquiring an additional 237,898 shares in the last quarter. Vanguard Group Inc. boosted its position in CONMED by 6.1% during the 3rd quarter. Vanguard Group Inc. now owns 2,666,773 shares of the medical technology company’s stock valued at $211,262,000 after acquiring an additional 153,396 shares in the last quarter. Vanguard Group Inc boosted its position in CONMED by 6.1% during the 3rd quarter. Vanguard Group Inc now owns 2,666,773 shares of the medical technology company’s stock valued at $211,262,000 after acquiring an additional 153,396 shares in the last quarter. Capital Research Global Investors boosted its position in CONMED by 7.2% during the 3rd quarter. Capital Research Global Investors now owns 1,719,000 shares of the medical technology company’s stock valued at $136,179,000 after acquiring an additional 115,394 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its position in CONMED by 1.4% during the 3rd quarter. Macquarie Group Ltd. now owns 790,740 shares of the medical technology company’s stock valued at $62,643,000 after acquiring an additional 11,300 shares in the last quarter. 97.17% of the stock is currently owned by institutional investors.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.

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