Globus Medical (NYSE:GMED) has been given a $45.00 price objective by stock analysts at BTIG Research in a note issued to investors on Tuesday. The brokerage currently has a “buy” rating on the medical device company’s stock. BTIG Research’s price target suggests a potential upside of 9.49% from the company’s previous close.
Several other brokerages have also recently issued reports on GMED. BidaskClub upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating in a report on Friday, November 10th. ValuEngine cut shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Thursday, November 9th. Finally, Zacks Investment Research cut shares of Globus Medical from a “hold” rating to a “sell” rating in a report on Monday, September 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $38.86.
Shares of Globus Medical (GMED) opened at $41.10 on Tuesday. Globus Medical has a 1 year low of $24.58 and a 1 year high of $42.00. The firm has a market cap of $3,961.05, a P/E ratio of 37.36, a P/E/G ratio of 3.12 and a beta of 0.56.
In other news, insider A Brett Murphy sold 51,449 shares of Globus Medical stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $35.00, for a total transaction of $1,800,715.00. Following the transaction, the insider now owns 49,768 shares in the company, valued at approximately $1,741,880. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Steven Payne sold 3,076 shares of Globus Medical stock in a transaction on Friday, December 15th. The stock was sold at an average price of $39.30, for a total transaction of $120,886.80. Following the transaction, the chief accounting officer now owns 23,847 shares in the company, valued at approximately $937,187.10. The disclosure for this sale can be found here. Insiders have sold a total of 124,908 shares of company stock worth $4,747,975 in the last quarter. Corporate insiders own 28.21% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Wellington Management Group LLP raised its position in shares of Globus Medical by 4.9% during the 1st quarter. Wellington Management Group LLP now owns 7,562,120 shares of the medical device company’s stock valued at $179,601,000 after purchasing an additional 352,562 shares during the period. BlackRock Inc. raised its position in shares of Globus Medical by 0.8% during the 2nd quarter. BlackRock Inc. now owns 7,448,420 shares of the medical device company’s stock valued at $246,914,000 after purchasing an additional 61,138 shares during the period. Vanguard Group Inc. raised its position in shares of Globus Medical by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 5,712,043 shares of the medical device company’s stock valued at $189,355,000 after purchasing an additional 76,345 shares during the period. Janus Henderson Group PLC raised its position in shares of Globus Medical by 18.6% during the 3rd quarter. Janus Henderson Group PLC now owns 3,181,499 shares of the medical device company’s stock valued at $94,554,000 after purchasing an additional 498,187 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Globus Medical by 2.3% during the 1st quarter. Bank of New York Mellon Corp now owns 2,629,315 shares of the medical device company’s stock valued at $77,878,000 after purchasing an additional 58,811 shares during the period. Institutional investors and hedge funds own 70.23% 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.
