Analysts Set CONMED Co. (NASDAQ:CNMD) Target Price at $113.20

CONMED Co. (NASDAQ:CNMD) has been given a consensus recommendation of “Buy” by the eight analysts that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $113.20.

A number of brokerages recently commented on CNMD. Needham & Company LLC downgraded CONMED from a “buy” rating to a “hold” rating in a report on Tuesday, November 26th. Zacks Investment Research upgraded CONMED from a “hold” rating to a “buy” rating and set a $116.00 price objective for the company in a research note on Friday, November 1st. Piper Jaffray Companies upgraded CONMED from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $88.00 to $110.00 in a report on Thursday, August 22nd. ValuEngine lowered CONMED from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, BidaskClub upgraded CONMED from a “hold” rating to a “buy” rating in a research note on Saturday, November 2nd.

CNMD stock traded up $1.49 during trading on Thursday, reaching $114.04. The stock had a trading volume of 4,511 shares, compared to its average volume of 222,528. CONMED has a 1-year low of $56.90 and a 1-year high of $116.81. The company has a current ratio of 2.48, a quick ratio of 1.40 and a debt-to-equity ratio of 1.11. The company has a market capitalization of $3.21 billion, a P/E ratio of 52.25, a PEG ratio of 2.53 and a beta of 0.51. The firm has a fifty day moving average price of $106.87 and a 200 day moving average price of $94.62.

CONMED (NASDAQ:CNMD) last posted its quarterly earnings data on Wednesday, October 30th. The medical technology company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.06. The company had revenue of $233.60 million during the quarter, compared to analysts’ expectations of $228.12 million. CONMED had a net margin of 3.15% and a return on equity of 10.50%. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.46 EPS. Sell-side analysts predict that CONMED will post 2.64 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.70%. The ex-dividend date is Thursday, December 12th. CONMED’s dividend payout ratio is currently 36.70%.

In other news, EVP Peter K. Shagory sold 1,820 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $109.34, for a total value of $198,998.80. Following the sale, the executive vice president now owns 3,469 shares in the company, valued at approximately $379,300.46. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.38% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the company. Nuveen Asset Management LLC purchased a new stake in CONMED in the 2nd quarter valued at $24,934,000. Columbus Circle Investors purchased a new position in shares of CONMED during the 3rd quarter worth approximately $24,616,000. Eagle Asset Management Inc. grew its holdings in shares of CONMED by 194.7% during the 3rd quarter. Eagle Asset Management Inc. now owns 358,231 shares of the medical technology company’s stock worth $34,443,000 after acquiring an additional 236,680 shares during the period. Morgan Stanley raised its position in shares of CONMED by 346.8% in the 2nd quarter. Morgan Stanley now owns 139,856 shares of the medical technology company’s stock worth $11,968,000 after acquiring an additional 108,556 shares in the last quarter. Finally, Castleark Management LLC bought a new position in shares of CONMED in the 3rd quarter worth approximately $10,351,000.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures worldwide. 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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Analyst Recommendations for CONMED (NASDAQ:CNMD)

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