Globus Medical Inc (NYSE:GMED) – Equities researchers at Oppenheimer upped their FY2020 earnings per share (EPS) estimates for shares of Globus Medical in a report released on Thursday, November 7th. Oppenheimer analyst S. Lichtman now expects that the medical device company will earn $1.91 per share for the year, up from their prior estimate of $1.90.
A number of other analysts have also recently commented on GMED. ValuEngine raised Globus Medical from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. BTIG Research reaffirmed a “hold” rating on shares of Globus Medical in a research note on Thursday. Needham & Company LLC reaffirmed a “buy” rating and issued a $63.00 price target on shares of Globus Medical in a research note on Thursday. Piper Jaffray Companies upped their price target on Globus Medical from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Cantor Fitzgerald upped their price target on Globus Medical from $55.00 to $64.00 and gave the company an “overweight” rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Globus Medical currently has a consensus rating of “Buy” and an average target price of $58.00.
Shares of GMED stock traded up $0.98 on Friday, reaching $55.72. The company had a trading volume of 586,900 shares, compared to its average volume of 578,325. The stock has a market cap of $5.24 billion, a PE ratio of 33.37, a PEG ratio of 2.74 and a beta of 0.95. The company has a 50-day moving average of $51.06 and a 200-day moving average of $46.42. Globus Medical has a 12 month low of $38.01 and a 12 month high of $56.34.
Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Wednesday, November 6th. The medical device company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.01. The company had revenue of $196.22 million during the quarter, compared to analysts’ expectations of $185.86 million. Globus Medical had a return on equity of 13.29% and a net margin of 19.30%. Globus Medical’s revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 EPS.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Financial Gravity Wealth Inc. bought a new stake in Globus Medical during the 2nd quarter worth approximately $25,000. Steward Partners Investment Advisory LLC bought a new position in shares of Globus Medical during the 2nd quarter worth approximately $26,000. Advisory Services Network LLC grew its stake in shares of Globus Medical by 620.0% during the 2nd quarter. Advisory Services Network LLC now owns 792 shares of the medical device company’s stock worth $34,000 after acquiring an additional 682 shares in the last quarter. Quest Capital Management Inc. ADV bought a new position in shares of Globus Medical during the 3rd quarter worth approximately $45,000. Finally, Oakworth Capital Inc. bought a new position in shares of Globus Medical during the 2nd quarter worth approximately $38,000. 68.00% of the stock is owned by institutional investors and hedge funds.
In related news, Director David D. Davidar sold 50,000 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $49.33, for a total transaction of $2,466,500.00. Following the completion of the sale, the director now directly owns 754,775 shares of the company’s stock, valued at approximately $37,233,050.75. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Kelly Huller sold 3,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $52.90, for a total value of $158,700.00. Following the sale, the senior vice president now directly owns 6,384 shares of the company’s stock, valued at $337,713.60. The disclosure for this sale can be found here. 24.97% of the stock is currently owned by corporate insiders.
Globus Medical Company Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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