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

StockNews.com lowered shares of Globus Medical (NYSE:GMED) from a buy rating to a hold rating in a research note published on Friday.

Several other equities research analysts have also commented on GMED. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $80.00 to $97.00 in a research note on Thursday, January 9th. Stifel Nicolaus upped their price target on Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Truist Financial lowered their price objective on Globus Medical from $90.00 to $82.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Canaccord Genuity Group increased their target price on shares of Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Finally, Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $97.09.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $73.67 on Friday. The stock’s 50-day simple moving average is $83.61 and its two-hundred day simple moving average is $79.83. The stock has a market capitalization of $10.13 billion, a price-to-earnings ratio of 98.22, a PEG ratio of 1.61 and a beta of 1.19. Globus Medical has a 52-week low of $49.33 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $657.29 million for the quarter, compared to the consensus estimate of $646.19 million. As a group, equities analysts forecast that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. purchased a new stake in shares of Globus Medical during the 4th quarter worth approximately $27,000. Quarry LP increased its position in Globus Medical by 698.4% in the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after purchasing an additional 433 shares during the last quarter. UMB Bank n.a. raised its stake in Globus Medical by 60.2% during the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock valued at $45,000 after purchasing an additional 206 shares in the last quarter. V Square Quantitative Management LLC lifted its position in Globus Medical by 52.0% during the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock valued at $48,000 after purchasing an additional 197 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its position in Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock valued at $55,000 after purchasing an additional 132 shares during the last quarter. 95.16% of the stock is owned by 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.