Globus Medical, Inc. (GMED) Upgraded to Hold at Zacks Investment Research
Globus Medical, Inc. (NYSE:GMED) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
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. “
Other analysts have also recently issued reports about the stock. BidaskClub upgraded shares of Globus Medical from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 22nd. Morgan Stanley reissued an “equal weight” rating on shares of Globus Medical in a report on Tuesday, July 11th. Gabelli reissued a “buy” rating on shares of Globus Medical in a report on Friday, August 4th. Oppenheimer Holdings, Inc. set a $35.00 price target on shares of Globus Medical and gave the stock a “hold” rating in a report on Thursday, August 3rd. Finally, Barclays PLC reissued an “underweight” rating and issued a $28.00 price target (down previously from $30.00) on shares of Globus Medical in a report on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $30.71.
Shares of Globus Medical (NYSE:GMED) traded up 2.31% on Wednesday, reaching $31.02. 436,639 shares of the company were exchanged. Globus Medical has a 12-month low of $19.25 and a 12-month high of $34.03. The stock has a market capitalization of $2.99 billion, a PE ratio of 27.95 and a beta of 0.56. The firm has a 50 day moving average price of $29.85 and a 200-day moving average price of $30.86.
Globus Medical (NYSE:GMED) last posted its 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 net margin of 18.12% and a return on equity of 13.99%. The business had revenue of $152.39 million for the quarter, compared to analysts’ expectations of $150.94 million. During the same period in the prior year, the company posted $0.29 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, analysts predict that Globus Medical will post $1.27 EPS for the current fiscal year.
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In other news, insider A Brett Murphy sold 15,000 shares of the stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $29.99, for a total value of $449,850.00. Following the transaction, the insider now owns 101,217 shares of the company’s stock, valued at approximately $3,035,497.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 28.21% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in GMED. PNC Financial Services Group Inc. grew its holdings in shares of 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 valued at $100,000 after purchasing an additional 35 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Globus Medical by 18.9% during the 2nd quarter. Sei Investments Co. now owns 3,165 shares of the medical device company’s stock valued at $105,000 after purchasing an additional 503 shares during the last quarter. Advisor Group Inc. grew its holdings in shares of Globus Medical by 2.0% during the 2nd quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock valued at $114,000 after purchasing an additional 68 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of 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 valued at $136,000 after purchasing an additional 830 shares during the last quarter. Finally, Turner Investments LLC bought a new position in shares of Globus Medical during the 2nd quarter valued at $166,000. 65.64% of the stock is currently owned by 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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