Globus Medical, Inc. (GMED) Upgraded to “Buy” at ValuEngine
Globus Medical, Inc. (NYSE:GMED) was upgraded by research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Friday.
GMED has been the subject of several other reports. BidaskClub upgraded shares of Globus Medical from a “sell” rating to a “hold” rating in a research note on Saturday, October 7th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 30th. Canaccord Genuity reiterated a “buy” rating and issued a $38.00 target price on shares of Globus Medical in a report on Friday, September 22nd. Piper Jaffray Companies reiterated a “buy” rating on shares of Globus Medical in a report on Thursday, October 19th. Finally, Barclays PLC boosted their target price on shares of Globus Medical from $27.00 to $29.00 and gave the company an “underweight” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. Globus Medical currently has a consensus rating of “Hold” and a consensus price target of $34.00.
Globus Medical (NYSE:GMED) traded up $1.71 during trading hours on Friday, hitting $35.94. 1,829,800 shares of the stock traded hands, compared to its average volume of 672,277. Globus Medical has a 1-year low of $20.52 and a 1-year high of $35.96. The firm has a market capitalization of $3,296.04, a P/E ratio of 27.38, a P/E/G ratio of 2.58 and a beta of 0.55.
Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Wednesday, November 8th. The medical device company reported $0.30 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.30. Globus Medical had a net margin of 17.54% and a return on equity of 13.67%. The business had revenue of $151.74 million during the quarter, compared to the consensus estimate of $150.73 million. During the same period in the previous year, the firm posted $0.29 earnings per share. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. analysts expect that Globus Medical will post 1.27 earnings per share for the current year.
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In other news, insider A Brett Murphy sold 15,000 shares of the company’s stock in a transaction that occurred 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 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 is accessible through this hyperlink. Corporate insiders own 28.21% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Globus Medical by 0.3% in 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 during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of 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 worth $100,000 after acquiring an additional 35 shares during the last quarter. Alps Advisors Inc. lifted its holdings in shares of Globus Medical by 0.3% in 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 during the last quarter. Advisor Group Inc. increased its stake 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 period. Finally, 1st Global Advisors Inc. increased its stake 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 buying an additional 130 shares during the period. Hedge funds and other institutional investors own 65.46% 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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