Globus Medical (NYSE:GMED) Reaches New 1-Year High After Analyst Upgrade

Globus Medical, Inc. (NYSE:GMED)’s stock price hit a new 52-week high during mid-day trading on Friday after Canaccord Genuity Group raised their price target on the stock from $92.00 to $101.00. Canaccord Genuity Group currently has a buy rating on the stock. Globus Medical traded as high as $89.93 and last traded at $88.04, with a volume of 471065 shares. The stock had previously closed at $86.55.

A number of other research firms also recently weighed in on GMED. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $80.00 to $97.00 in a report on Thursday. Stifel Nicolaus increased their price objective on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Truist Financial upped their price target on shares of Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Thursday. Finally, Wells Fargo & Company upped their price target on shares of Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.91.

Insider Transactions at Globus Medical

In other news, SVP Kelly Huller sold 5,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. The trade was a 5.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 97,500 shares of company stock valued at $7,674,950 in the last 90 days. 18.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Globus Medical

Several large investors have recently added to or reduced their stakes in the business. Coldstream Capital Management Inc. lifted its position in Globus Medical by 2.2% in the 3rd quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock valued at $447,000 after acquiring an additional 131 shares in the last quarter. Stephens Inc. AR increased its stake in Globus Medical by 3.4% in the 3rd quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock valued at $303,000 after buying an additional 138 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Globus Medical by 2.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after buying an additional 140 shares during the last quarter. Central Pacific Bank Trust Division increased its stake in Globus Medical by 6.2% in the 3rd quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock valued at $268,000 after buying an additional 220 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in Globus Medical by 1.5% in the 2nd quarter. AQR Capital Management LLC now owns 15,241 shares of the medical device company’s stock valued at $1,044,000 after buying an additional 228 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

The stock has a market cap of $11.86 billion, a PE ratio of 129.99, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19. The company’s 50 day simple moving average is $83.06 and its 200 day simple moving average is $75.22.

Globus Medical (NYSE:GMED) last posted 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. The firm had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same quarter last year, the business posted $0.57 EPS. Equities research analysts expect that Globus Medical, Inc. will post 2.97 earnings per share for the current year.

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.