Globus Medical (NYSE:GMED) Hits New 1-Year High on Better-Than-Expected Earnings

Globus Medical, Inc. (NYSE:GMED) hit a new 52-week high on Wednesday following a stronger than expected earnings report. The company traded as high as $64.73 and last traded at $63.20, with a volume of 2360412 shares changing hands. The stock had previously closed at $51.36.

The medical device company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.17. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business had revenue of $606.67 million during the quarter, compared to the consensus estimate of $586.82 million. During the same period in the prior year, the company posted $0.53 EPS. The firm’s revenue for the quarter was up 119.3% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GMED shares. Truist Financial lifted their price objective on shares of Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Piper Sandler lifted their price objective on shares of Globus Medical from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday. Stifel Nicolaus upped their price objective on Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday. BTIG Research increased their price target on Globus Medical from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Globus Medical presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.60.

Insider Transactions at Globus Medical

In other news, Director Leslie V. Norwalk sold 10,590 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the sale, the director now directly owns 17,419 shares in the company, valued at approximately $905,613.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 24.30% of the company’s stock.

Institutional Trading of Globus Medical

A number of hedge funds have recently bought and sold shares of the company. Motley Fool Asset Management LLC boosted its position in Globus Medical by 1,263.7% during the first quarter. Motley Fool Asset Management LLC now owns 848,164 shares of the medical device company’s stock valued at $45,496,000 after purchasing an additional 785,970 shares during the last quarter. Motley Fool Wealth Management LLC acquired a new stake in Globus Medical during the first quarter worth $10,278,000. Global Alpha Capital Management Ltd. lifted its stake in Globus Medical by 27.4% during the first quarter. Global Alpha Capital Management Ltd. now owns 927,741 shares of the medical device company’s stock worth $49,764,000 after purchasing an additional 199,440 shares during the period. Anchor Capital Advisors LLC acquired a new stake in shares of Globus Medical in the 1st quarter valued at $22,371,000. Finally, River Global Investors LLP increased its holdings in shares of Globus Medical by 47.5% during the first quarter. River Global Investors LLP now owns 40,072 shares of the medical device company’s stock worth $2,149,000 after buying an additional 12,896 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Price Performance

The stock has a fifty day moving average of $52.50 and a two-hundred day moving average of $51.26. The stock has a market capitalization of $8.34 billion, a price-to-earnings ratio of 52.66, a PEG ratio of 1.53 and a beta of 1.11. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10.

About Globus Medical

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.