Globus Medical (NYSE:GMED) Cut to Hold at StockNews.com

StockNews.com cut shares of Globus Medical (NYSE:GMED) from a buy rating to a hold rating in a report published on Wednesday morning.

Several other analysts have also recently issued reports on GMED. Canaccord Genuity Group raised their target price on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Barclays boosted their target price on Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Friday, February 21st. Royal Bank of Canada boosted their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Finally, Roth Mkm upped their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $97.82.

Globus Medical Stock Performance

NYSE:GMED opened at $78.81 on Wednesday. Globus Medical has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The firm has a market cap of $10.84 billion, a PE ratio of 105.08, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19. The business has a 50 day moving average price of $86.18 and a 200-day moving average price of $79.60.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.10. The business had revenue of $657.29 million during the quarter, compared to analysts’ expectations of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. Research analysts predict that Globus Medical will post 3.44 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Globus Medical in the 4th quarter valued at approximately $16,757,000. Polar Asset Management Partners Inc. raised its stake in shares of Globus Medical by 73.6% in the fourth quarter. Polar Asset Management Partners Inc. now owns 452,274 shares of the medical device company’s stock worth $37,408,000 after purchasing an additional 191,700 shares during the last quarter. Burgundy Asset Management Ltd. raised its stake in shares of Globus Medical by 1.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company’s stock worth $216,544,000 after purchasing an additional 43,330 shares during the last quarter. PharVision Advisers LLC bought a new position in shares of Globus Medical during the fourth quarter valued at $339,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Globus Medical by 9.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 319,500 shares of the medical device company’s stock valued at $26,426,000 after acquiring an additional 28,330 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.