Globus Medical, Inc. (GMED) Upgraded by Zacks Investment Research to “Hold”
Globus Medical, Inc. (NYSE:GMED) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “Globus Medical, Inc. is a medical device company focused on the design, development and commercialization of products that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: innovative fusion or disruptive technologies. Its innovative fusion products address a broad range of spinal fusion surgical procedures. Its disruptive technology products include minimally invasive surgical, motion preservation and advanced biomaterials technologies. Globus Medical, Inc. is based in Audubon, Pennsylvania. “
Several other analysts also recently issued reports on GMED. Canaccord Genuity set a $37.00 price target on Globus Medical and gave the stock a “buy” rating in a research note on Thursday, May 18th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Globus Medical in a research note on Thursday, May 18th. BidaskClub upgraded Globus Medical from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 22nd. Morgan Stanley reiterated an “equal weight” rating on shares of Globus Medical in a research note on Tuesday, July 11th. Finally, Barclays PLC reiterated an “underweight” rating and set a $28.00 price target (down previously from $30.00) on shares of Globus Medical in a research note on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. Globus Medical has a consensus rating of “Hold” and an average price target of $31.25.
Shares of Globus Medical (NYSE GMED) traded down 1.30% during midday trading on Thursday, hitting $29.91. The company had a trading volume of 456,450 shares. Globus Medical has a one year low of $19.25 and a one year high of $34.03. The company’s 50 day moving average is $29.94 and its 200 day moving average is $30.64. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of 26.94 and a beta of 0.60.
Globus Medical (NYSE:GMED) last released its quarterly earnings results on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.02. The company had revenue of $152.39 million during the quarter, compared to the consensus estimate of $150.94 million. Globus Medical had a return on equity of 13.99% and a net margin of 18.12%. The firm’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.29 EPS. Equities analysts forecast that Globus Medical will post $1.27 earnings per share for the current fiscal year.
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In other Globus Medical news, insider A Brett Murphy sold 15,000 shares of the company’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 value of $449,850.00. Following the completion of the transaction, 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 legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 28.21% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its holdings in Globus Medical by 1.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock valued at $100,000 after acquiring an additional 35 shares in the last quarter. Sei Investments Co. raised its holdings in Globus Medical by 18.9% in the 2nd quarter. Sei Investments Co. now owns 3,165 shares of the medical device company’s stock valued at $105,000 after acquiring an additional 503 shares in the last quarter. Advisor Group Inc. raised its holdings in Globus Medical by 2.0% in the 2nd quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock valued at $114,000 after acquiring an additional 68 shares in the last quarter. Elkfork Partners LLC acquired a new position in Globus Medical in the 1st quarter valued at approximately $114,000. Finally, Victory Capital Management Inc. raised its holdings in Globus Medical by 22.1% in the 1st quarter. Victory Capital Management Inc. now owns 4,590 shares of the medical device company’s stock valued at $136,000 after acquiring an additional 830 shares in the last quarter. 65.80% of the stock is owned by hedge funds and other institutional investors.
Globus Medical Company Profile
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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