Globus Medical (NYSE:GMED) Upgraded to “Buy” at Wall Street Zen

Globus Medical (NYSE:GMED) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

GMED has been the subject of several other research reports. Canaccord Genuity Group reduced their target price on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, July 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Globus Medical in a report on Wednesday, October 8th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Monday, July 21st. Morgan Stanley dropped their price objective on Globus Medical from $75.00 to $68.00 and set an “overweight” rating for the company in a research report on Tuesday, July 15th. Finally, Wells Fargo & Company boosted their price target on Globus Medical from $66.00 to $79.00 and gave the company an “overweight” rating in a report on Friday. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $87.82.

Globus Medical Stock Up 36.1%

Globus Medical stock opened at $83.99 on Friday. Globus Medical has a 52-week low of $51.79 and a 52-week high of $94.93. The company’s 50 day moving average is $59.83 and its two-hundred day moving average is $60.01. The firm has a market cap of $11.34 billion, a PE ratio of 32.31, a price-to-earnings-growth ratio of 1.68 and a beta of 1.15.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, November 6th. The medical device company reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.39. The business had revenue of $769.05 million for the quarter, compared to analyst estimates of $734.58 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The company’s revenue was up 22.9% on a year-over-year basis. During the same period last year, the business earned $0.83 EPS. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. On average, equities research analysts anticipate that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Globus Medical news, Director Ann D. Rhoads sold 10,000 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the completion of the transaction, the director directly owned 25,384 shares of the company’s stock, valued at $1,483,948.64. This represents a 28.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 18.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GMED. Invesco Ltd. boosted its holdings in Globus Medical by 331.9% in the first quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company’s stock valued at $147,949,000 after purchasing an additional 1,553,154 shares during the last quarter. Boston Trust Walden Corp acquired a new position in shares of Globus Medical in the 3rd quarter valued at approximately $67,891,000. Norges Bank purchased a new position in shares of Globus Medical during the 2nd quarter valued at approximately $68,038,000. Marshall Wace LLP boosted its stake in shares of Globus Medical by 89.7% during the 2nd quarter. Marshall Wace LLP now owns 1,580,476 shares of the medical device company’s stock valued at $93,280,000 after buying an additional 747,330 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Globus Medical during the first quarter worth approximately $54,669,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.