Globus Medical, Inc. (GMED) Upgraded by BidaskClub to Sell
Globus Medical, Inc. (NYSE:GMED) was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a report released on Thursday.
Several other research firms have also issued reports on GMED. Barclays PLC restated an “underweight” rating and issued a $28.00 price target (down from $30.00) on shares of Globus Medical in a research report on Thursday, August 3rd. Gabelli restated a “buy” rating on shares of Globus Medical in a research report on Friday, August 4th. Morgan Stanley restated an “equal weight” rating on shares of Globus Medical in a research report on Tuesday, July 11th. Zacks Investment Research lowered Globus Medical from a “hold” rating to a “sell” rating in a research report on Friday, August 4th. Finally, Canaccord Genuity set a $37.00 price target on Globus Medical and gave the stock a “buy” rating in a research report on Thursday, May 18th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $31.25.
Shares of Globus Medical (NYSE GMED) opened at 30.40 on Thursday. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of 27.39 and a beta of 0.60. Globus Medical has a 12 month low of $19.25 and a 12 month high of $34.03. The stock’s 50 day moving average price is $30.21 and its 200-day moving average price is $30.58.
Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $150.94 million. During the same period last year, the company earned $0.29 EPS. The firm’s revenue was up 10.8% on a year-over-year basis. On average, equities research analysts predict 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 Globus Medical stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $29.99, for a total value of $449,850.00. Following the sale, the insider now owns 101,217 shares of the company’s stock, valued at approximately $3,035,497.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 28.21% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Broadfin Capital LLC acquired a new stake in shares of Globus Medical in the 2nd quarter valued at about $2,211,000. Koch Industries Inc. grew its holdings in shares of Globus Medical by 3,950.6% in the 2nd quarter. Koch Industries Inc. now owns 479,431 shares of the medical device company’s stock valued at $465,000 after acquiring an additional 467,595 shares in the last quarter. 1st Global Advisors Inc. grew its holdings in shares of Globus Medical by 1.2% in the 2nd quarter. 1st Global Advisors Inc. now owns 11,308 shares of the medical device company’s stock valued at $375,000 after acquiring an additional 130 shares in the last quarter. Susquehanna International Group LLP grew its holdings in shares of Globus Medical by 453.3% in the 2nd quarter. Susquehanna International Group LLP now owns 41,870 shares of the medical device company’s stock valued at $1,388,000 after acquiring an additional 53,721 shares in the last quarter. Finally, Bank of Nova Scotia bought a new position in shares of Globus Medical in the 2nd quarter valued at about $2,283,000. 65.80% of the stock is currently owned by hedge funds and other 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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