Globus Medical, Inc. (GMED) Raised to “Hold” at BidaskClub
Globus Medical, Inc. (NYSE:GMED) was upgraded by research analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.
Several other equities research analysts also recently weighed in on GMED. Zacks Investment Research downgraded shares of Globus Medical from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Morgan Stanley reissued an “equal weight” rating on shares of Globus Medical in a research note on Tuesday, July 11th. Oppenheimer Holdings, Inc. set a $35.00 target price on shares of Globus Medical and gave the company a “hold” rating in a research note on Thursday, August 3rd. Barclays PLC reissued an “underweight” rating and issued a $28.00 target price (down previously from $30.00) on shares of Globus Medical in a research note on Thursday, August 3rd. Finally, Gabelli reissued a “buy” rating on shares of Globus Medical in a research note on Friday, August 4th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. Globus Medical currently has an average rating of “Hold” and an average price target of $30.57.
Shares of Globus Medical (GMED) traded up 1.59% during midday trading on Thursday, reaching $30.65. 420,381 shares of the company’s stock were exchanged. The stock has a market cap of $2.95 billion, a PE ratio of 27.61 and a beta of 0.56. The stock’s 50 day moving average is $29.97 and its 200-day moving average is $30.88. 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 earnings results on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share for the quarter, beating 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 the consensus estimate of $150.94 million. During the same quarter in the prior year, the firm posted $0.29 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, equities analysts expect that Globus Medical will post $1.27 EPS for the current year.
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In other Globus Medical news, insider A Brett Murphy sold 15,000 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $29.99, for a total transaction of $449,850.00. Following the transaction, the insider now directly owns 101,217 shares in the company, valued at approximately $3,035,497.83. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 28.21% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Globus Medical by 0.3% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 10,538 shares of the medical device company’s stock worth $349,000 after acquiring an additional 31 shares in the last quarter. PNC Financial Services Group Inc. grew 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 acquiring an additional 35 shares in the last quarter. Alps Advisors Inc. grew its holdings in Globus Medical by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 17,464 shares of the medical device company’s stock worth $579,000 after acquiring an additional 45 shares in the last quarter. Advisor Group Inc. grew 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 acquiring an additional 68 shares in the last quarter. Finally, 1st Global Advisors Inc. grew its holdings in Globus Medical by 1.2% during the 2nd quarter. 1st Global Advisors Inc. now owns 11,308 shares of the medical device company’s stock worth $375,000 after acquiring an additional 130 shares in the last quarter. Institutional investors own 65.40% of the company’s stock.
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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