Globus Medical, Inc. (GMED) Receives Average Recommendation of “Hold” from Analysts
Shares of Globus Medical, Inc. (NYSE:GMED) have received a consensus rating of “Hold” from the thirteen ratings firms that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $31.20.
GMED has been the subject of several analyst reports. Gabelli reissued a “buy” rating on shares of Globus Medical in a research note on Friday, August 4th. BidaskClub cut Globus Medical from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Canaccord Genuity reissued a “buy” rating and set a $37.00 target price on shares of Globus Medical in a research note on Friday, August 18th. BTIG Research initiated coverage on Globus Medical in a research note on Thursday, September 7th. They set a “buy” rating and a $37.00 target price for the company. Finally, Morgan Stanley reissued an “equal weight” rating on shares of Globus Medical in a research note on Tuesday, July 11th.
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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 transaction of $449,850.00. Following the completion of the sale, the insider now directly owns 101,217 shares of the company’s stock, valued at approximately $3,035,497.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 28.21% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. lifted its holdings in Globus Medical by 1.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock worth $100,000 after buying an additional 35 shares during the last quarter. Sei Investments Co. lifted its holdings in Globus Medical by 18.9% during the 2nd quarter. Sei Investments Co. now owns 3,165 shares of the medical device company’s stock worth $105,000 after buying an additional 503 shares during the last quarter. Advisor Group Inc. lifted its holdings in Globus Medical by 2.0% during the 2nd quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock worth $114,000 after buying an additional 68 shares during the last quarter. Elkfork Partners LLC purchased a new stake in Globus Medical during the 1st quarter worth about $114,000. Finally, Victory Capital Management Inc. lifted its holdings in Globus Medical by 22.1% during the 1st quarter. Victory Capital Management Inc. now owns 4,590 shares of the medical device company’s stock worth $136,000 after buying an additional 830 shares during the last quarter. 65.80% of the stock is owned by institutional investors.
Shares of Globus Medical (NYSE GMED) opened at 30.15 on Friday. Globus Medical has a one year low of $19.25 and a one year high of $34.03. The stock has a market capitalization of $2.90 billion, a PE ratio of 27.16 and a beta of 0.60. The firm has a 50 day moving average price of $29.87 and a 200 day moving average price of $30.65.
Globus Medical (NYSE:GMED) last released its earnings results on Wednesday, August 2nd. The medical device company reported $0.32 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 firm had revenue of $152.39 million during the quarter, compared to analysts’ expectations of $150.94 million. During the same period in the previous year, the firm posted $0.29 EPS. Globus Medical’s revenue for the quarter was up 10.8% on a year-over-year basis. Analysts predict that Globus Medical will post $1.27 earnings per share for the current fiscal year.
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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