Globus Medical (NYSE:GMED) PT Raised to $77.00 at BTIG Research

Globus Medical (NYSE:GMED) had its price target raised by stock analysts at BTIG Research from $75.00 to $77.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the medical device company’s stock. BTIG Research’s price target points to a potential upside of 6.81% from the stock’s current price.

Several other research analysts have also weighed in on the stock. Stifel Nicolaus boosted their price objective on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Truist Financial upped their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Morgan Stanley raised their price objective on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Royal Bank of Canada boosted their target price on Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Finally, Wells Fargo & Company raised Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $60.00 to $78.00 in a report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and a consensus target price of $77.20.

Globus Medical Stock Performance

GMED opened at $72.09 on Wednesday. The business’s 50-day simple moving average is $70.16 and its 200 day simple moving average is $61.61. Globus Medical has a 52-week low of $43.38 and a 52-week high of $74.21. The firm has a market capitalization of $9.76 billion, a PE ratio of 112.64, a PEG ratio of 1.95 and a beta of 1.15.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The company had revenue of $629.69 million for the quarter, compared to analysts’ expectations of $615.33 million. During the same quarter in the prior year, the business posted $0.63 EPS. The business’s revenue was up 115.9% compared to the same quarter last year. On average, research analysts forecast that Globus Medical will post 2.82 earnings per share for the current year.

Insider Activity at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the sale, the director now owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 18.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Globus Medical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GMED. Vanguard Group Inc. increased its position in shares of Globus Medical by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock worth $600,990,000 after purchasing an additional 32,220 shares during the period. Bank of New York Mellon Corp raised its position in shares of Globus Medical by 3.8% in the 1st quarter. Bank of New York Mellon Corp now owns 3,016,702 shares of the medical device company’s stock valued at $161,816,000 after buying an additional 110,912 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Globus Medical by 9.5% during the 4th quarter. Wellington Management Group LLP now owns 2,912,454 shares of the medical device company’s stock worth $155,205,000 after acquiring an additional 252,510 shares during the period. Burgundy Asset Management Ltd. boosted its position in shares of Globus Medical by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock worth $172,245,000 after acquiring an additional 35,054 shares in the last quarter. Finally, Champlain Investment Partners LLC increased its stake in Globus Medical by 25.2% in the first quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company’s stock valued at $134,335,000 after acquiring an additional 503,745 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

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.