Globus Medical, Inc. (NYSE:GMED) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Thursday, September 7th.
Several other equities analysts also recently commented on the company. BTIG Research began coverage on Globus Medical in a research report on Thursday, September 7th. They issued a “buy” rating and a $37.00 price objective on the stock. Zacks Investment Research downgraded Globus Medical from a “hold” rating to a “sell” rating in a research report on Monday, September 4th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 30th. Canaccord Genuity restated a “buy” rating and issued a $37.00 price objective on shares of Globus Medical in a research report on Friday, August 18th. Finally, Barclays PLC reaffirmed an “underweight” rating and issued a $28.00 target price (down from $30.00) on shares of Globus Medical in a report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $31.25.
Shares of Globus Medical (NYSE GMED) traded up 0.80% during trading on Thursday, reaching $30.15. The company’s stock had a trading volume of 1,050,810 shares. The company has a market cap of $2.90 billion, a PE ratio of 27.16 and a beta of 0.60. The company has a 50 day moving average of $29.87 and a 200 day moving average of $30.65. Globus Medical has a 12-month low of $19.25 and a 12-month high of $34.03.
Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, August 2nd. The medical device company reported $0.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.02. Globus Medical had a return on equity of 13.99% and a net margin of 18.12%. The business had revenue of $152.39 million for the quarter, compared to the consensus estimate of $150.94 million. During the same period in the previous year, the business earned $0.29 earnings per share. The business’s revenue was up 10.8% on a year-over-year basis. On average, analysts anticipate that Globus Medical will post $1.27 EPS for the current fiscal year.
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In other Globus Medical news, insider A Brett Murphy sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $29.99, for a total transaction of $449,850.00. Following the sale, the insider now directly owns 101,217 shares of the company’s stock, valued at $3,035,497.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 28.21% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. PNC Financial Services Group Inc. increased its stake in Globus Medical by 1.2% during the second quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock worth $100,000 after acquiring an additional 35 shares during the last quarter. Sei Investments Co. increased its stake in Globus Medical by 18.9% during the second quarter. Sei Investments Co. now owns 3,165 shares of the medical device company’s stock worth $105,000 after acquiring an additional 503 shares during the last quarter. Advisor Group Inc. increased its stake in Globus Medical by 2.0% during the second quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock worth $114,000 after acquiring an additional 68 shares during the last quarter. Elkfork Partners LLC bought a new stake in Globus Medical during the first quarter worth approximately $114,000. Finally, Victory Capital Management Inc. increased its stake in Globus Medical by 22.1% during the first quarter. Victory Capital Management Inc. now owns 4,590 shares of the medical device company’s stock worth $136,000 after acquiring an additional 830 shares during the last quarter. 65.80% of the stock is currently owned by institutional investors.
About Globus Medical
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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