Globus Medical (NYSE:GMED) Raised to “Buy” at StockNews.com

Globus Medical (NYSE:GMED) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday.

A number of other analysts also recently weighed in on GMED. Royal Bank of Canada boosted their target price on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Stifel Nicolaus upped their price target on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. BTIG Research raised their target price on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Truist Financial lifted their price target on Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Finally, Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $83.00 to $100.00 in a report on Monday, December 2nd. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Stock Down 0.1 %

Shares of GMED opened at $92.85 on Tuesday. The business’s 50-day moving average price is $85.50 and its 200-day moving average price is $77.14. The stock has a market cap of $12.64 billion, a PE ratio of 138.58, a P/E/G ratio of 1.78 and a beta of 1.19. Globus Medical has a twelve month low of $49.33 and a twelve month high of $93.87.

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

Insider Activity

In related news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Kelly Huller sold 2,500 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The disclosure for this sale can be found here. Insiders have sold 81,667 shares of company stock valued at $6,674,554 in the last ninety days. 18.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. ArrowMark Colorado Holdings LLC bought a new stake in Globus Medical in the third quarter worth $43,947,000. Lord Abbett & CO. LLC bought a new stake in shares of Globus Medical during the third quarter worth $37,948,000. Parsifal Capital Management LP boosted its position in Globus Medical by 50.5% in the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock valued at $96,619,000 after buying an additional 453,053 shares during the period. Artemis Investment Management LLP purchased a new stake in shares of Globus Medical in the third quarter valued at approximately $30,656,000. Finally, Massachusetts Financial Services Co. MA bought a new position in shares of Globus Medical during the 3rd quarter worth $26,406,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.