Bank of America Upgrades Globus Medical (NYSE:GMED) to “Neutral”

Globus Medical (NYSE:GMED) was upgraded by analysts at Bank of America from an “underperform” rating to a “neutral” rating in a report issued on Thursday, MarketBeat.com reports. The brokerage currently has a $97.00 target price on the medical device company’s stock, up from their prior target price of $80.00. Bank of America‘s price target would indicate a potential upside of 11.38% from the company’s previous close.

A number of other research analysts also recently weighed in on the stock. Royal Bank of Canada increased 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. Piper Sandler boosted their target price on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Wells Fargo & Company raised their price target on Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. StockNews.com cut Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, Canaccord Genuity Group increased their target price on Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a report on Monday, December 9th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $96.91.

Globus Medical Trading Up 0.6 %

Shares of GMED opened at $87.09 on Thursday. The company has a market cap of $11.86 billion, a price-to-earnings ratio of 129.99, a P/E/G ratio of 1.97 and a beta of 1.19. The business’s fifty day simple moving average is $83.06 and its two-hundred day simple moving average is $75.16. Globus Medical has a 12 month low of $49.33 and a 12 month high of $90.48.

Globus Medical (NYSE:GMED) last released its quarterly earnings data 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. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same period last year, the firm posted $0.57 earnings per share. Globus Medical’s revenue was up 63.1% compared to the same quarter last year. As a group, research analysts forecast that Globus Medical will post 2.97 EPS for the current year.

Insider Buying and Selling at Globus Medical

In related news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. The trade was a 5.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold 97,500 shares of company stock valued at $7,674,950 over the last 90 days. 18.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Globus Medical

Several hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. increased its holdings in shares of Globus Medical by 855.3% in the second quarter. Victory Capital Management Inc. now owns 381,253 shares of the medical device company’s stock worth $26,112,000 after purchasing an additional 341,342 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in Globus Medical during the 2nd quarter valued at approximately $33,000. Choreo LLC bought a new stake in Globus Medical in the 2nd quarter worth approximately $517,000. American Century Companies Inc. raised its holdings in shares of Globus Medical by 5.7% during the 2nd quarter. American Century Companies Inc. now owns 26,625 shares of the medical device company’s stock worth $1,824,000 after acquiring an additional 1,442 shares in the last quarter. Finally, Schiavi & Co LLC purchased a new stake in shares of Globus Medical during the 2nd quarter worth approximately $205,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.