Globus Medical (NYSE:GMED)‘s stock had its “buy” rating reiterated by research analysts at Canaccord Genuity in a report released on Monday. They presently have a $53.00 price objective on the medical device company’s stock. Canaccord Genuity’s price objective suggests a potential upside of 2.83% from the stock’s previous close.
The analysts wrote, “We recently had the opportunity to host a fireside chat with Globus, as well as visit the company’s booth during the AAOS conference and came away incrementally more confident in the growth opportunities ahead of the company. Specifically, early feedback and success with the ExcelsiusGPS system reinforce our view that the robotic platform can provide a tailwind to an improving core US spine business. In trauma, we were encouraged by the early excitement around the initial product launches – including 6 recently cleared systems to complement the 5 launched at OTA back in October – which we expect to develop into a growth driver in 2019 and beyond. Net, net, while the valuation certainly reflects continued execution in 2018, we are increasingly optimistic that the improving fundamentals in the core US spine business, early success in robotics, and OUS momentum are capable of delivering continued upside to current guidance – thus supporting continued share appreciation.””
Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley set a $53.00 price objective on shares of Globus Medical and gave the stock a “buy” rating in a research report on Thursday, February 22nd. BTIG Research upped their price objective on shares of Globus Medical to $51.00 and gave the stock a “buy” rating in a research report on Thursday, February 22nd. Gabelli reaffirmed a “buy” rating on shares of Globus Medical in a research report on Tuesday, November 14th. BidaskClub raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Finally, Zacks Investment Research raised shares of Globus Medical from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $49.57.
Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Wednesday, February 21st. The medical device company reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.03. Globus Medical had a net margin of 16.88% and a return on equity of 13.93%. The business had revenue of $176.03 million during the quarter, compared to analysts’ expectations of $175.50 million. During the same quarter in the prior year, the business posted $0.31 earnings per share. Globus Medical’s revenue was up 16.1% compared to the same quarter last year. analysts expect that Globus Medical will post 1.5 EPS for the current fiscal year.
In other news, CAO Steven Payne sold 3,076 shares of the stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $39.30, for a total value of $120,886.80. Following the completion of the transaction, the chief accounting officer now owns 23,847 shares of the company’s stock, valued at $937,187.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Anthony L. Williams sold 15,000 shares of the stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $38.30, for a total transaction of $574,500.00. Following the completion of the transaction, the president now directly owns 15,000 shares of the company’s stock, valued at approximately $574,500. The disclosure for this sale can be found here. 28.21% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in shares of Globus Medical by 2.1% in the fourth quarter. BlackRock Inc. now owns 7,799,617 shares of the medical device company’s stock worth $320,565,000 after acquiring an additional 159,963 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Globus Medical by 18.6% in 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 buying an additional 498,187 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Globus Medical by 1.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,843,340 shares of the medical device company’s stock valued at $54,784,000 after buying an additional 32,034 shares during the last quarter. NWQ Investment Management Company LLC raised its holdings in Globus Medical by 43.1% in the 4th quarter. NWQ Investment Management Company LLC now owns 1,245,219 shares of the medical device company’s stock valued at $51,179,000 after buying an additional 375,234 shares during the last quarter. Finally, AXA raised its holdings in Globus Medical by 23.6% in the 4th quarter. AXA now owns 930,009 shares of the medical device company’s stock valued at $38,223,000 after buying an additional 177,803 shares during the last quarter. 65.92% of the stock is owned by hedge funds and other institutional investors.
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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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