StockNews.com Upgrades Globus Medical (NYSE:GMED) to Buy

Globus Medical (NYSE:GMED) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

Several other analysts have also recently weighed in on GMED. Stifel Nicolaus boosted their price objective on Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Piper Sandler dropped their price objective on Globus Medical from $100.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, May 9th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Wells Fargo & Company dropped their price objective on Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Finally, Barclays boosted their price objective on Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and an average price target of $94.00.

Globus Medical Stock Down 1.3%

Shares of NYSE GMED opened at $58.23 on Monday. The firm’s 50-day simple moving average is $71.45 and its 200 day simple moving average is $79.69. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 77.64, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. Globus Medical has a 12-month low of $54.48 and a 12-month high of $94.93.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.06). The company had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the company earned $0.72 EPS. On average, equities analysts expect that Globus Medical will post 3.44 earnings per share for the current year.

Institutional Trading of Globus Medical

A number of hedge funds have recently modified their holdings of GMED. Invesco Ltd. increased its stake in Globus Medical by 331.9% during the 1st quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company’s stock worth $147,949,000 after purchasing an additional 1,553,154 shares in the last quarter. Norges Bank bought a new stake in Globus Medical during the 4th quarter worth approximately $117,102,000. RTW Investments LP bought a new stake in Globus Medical during the 4th quarter worth approximately $80,394,000. Iron Triangle Partners LP bought a new stake in Globus Medical during the 4th quarter worth approximately $69,808,000. Finally, Polar Capital Holdings Plc bought a new stake in Globus Medical during the 4th quarter worth approximately $63,762,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Company Profile

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.