Globus Medical, Inc. (NYSE:GMED) Receives $88.18 Average PT from Brokerages

Shares of Globus Medical, Inc. (NYSE:GMED) have been given an average recommendation of “Moderate Buy” by the twelve ratings firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $88.18.

Several brokerages have recently issued reports on GMED. Roth Mkm reaffirmed a “buy” rating and set a $100.00 price target on shares of Globus Medical in a research note on Wednesday, November 6th. Morgan Stanley lifted their price objective on shares of Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Wells Fargo & Company increased their price target on Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Barclays raised their target price on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Finally, StockNews.com cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th.

Insider Buying and Selling

In other news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 25.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Kelly Huller sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,000 shares of company stock worth $8,512,850. Corporate insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Several institutional investors have recently made changes to their positions in GMED. Swedbank AB lifted its stake in shares of Globus Medical by 15.4% in the second quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after buying an additional 50,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in Globus Medical by 17.9% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock valued at $77,852,000 after acquiring an additional 172,605 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Globus Medical during the 2nd quarter valued at approximately $611,000. Quest Partners LLC purchased a new stake in shares of Globus Medical during the 3rd quarter worth approximately $523,000. Finally, AXA S.A. raised its holdings in shares of Globus Medical by 0.5% in the 2nd quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after purchasing an additional 7,443 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Performance

GMED opened at $85.29 on Friday. The stock has a 50-day moving average of $75.67 and a 200-day moving average of $71.27. Globus Medical has a 52-week low of $44.02 and a 52-week high of $85.74. The company has a market cap of $11.61 billion, a PE ratio of 127.30, a price-to-earnings-growth ratio of 2.02 and a beta of 1.17.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.57 EPS. On average, research analysts predict that Globus Medical will post 2.98 earnings per share for the current year.

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.