Globus Medical Inc. (NYSE:GMED) has been assigned an average recommendation of “Hold” from the fifteen research firms that are currently covering the company. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $25.27.
A number of equities research analysts have issued reports on the company. Leerink Swann reaffirmed a “hold” rating and set a $23.00 target price on shares of Globus Medical in a research report on Wednesday, November 9th. Oppenheimer Holdings Inc. cut Globus Medical from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $29.00 to $23.00 in a research report on Wednesday, November 9th. Zacks Investment Research raised Globus Medical from a “sell” rating to a “hold” rating in a research report on Tuesday, December 6th. Canaccord Genuity set a $27.00 price objective on Globus Medical and gave the company a “hold” rating in a research report on Tuesday, November 8th. Finally, William Blair cut Globus Medical from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 9th.
Several hedge funds and other institutional investors have recently modified their holdings of GMED. Consonance Capital Management LP purchased a new position in shares of Globus Medical during the third quarter worth approximately $41,980,000. Janus Capital Management LLC raised its position in shares of Globus Medical by 58.6% in the second quarter. Janus Capital Management LLC now owns 3,841,357 shares of the medical device company’s stock worth $91,539,000 after buying an additional 1,419,863 shares during the last quarter. Mesirow Financial Investment Management Equity Management purchased a new position in shares of Globus Medical during the second quarter worth approximately $18,181,000. Rice Hall James & Associates LLC purchased a new position in shares of Globus Medical during the second quarter worth approximately $16,516,000. Finally, Emerald Acquisition Ltd. bought a new position in Globus Medical during the second quarter valued at about $15,690,000. Institutional investors and hedge funds own 89.83% of the company’s stock.
Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, November 8th. The medical device company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The firm earned $135.70 million during the quarter, compared to analysts’ expectations of $139.25 million. Globus Medical had a return on equity of 14.92% and a net margin of 21.20%. The company’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.28 earnings per share. On average, equities research analysts anticipate that Globus Medical will post $1.20 earnings per share for the current year.
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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.
