Globus Medical (NYSE:GMED) Rating Increased to Neutral at Bank of America

Bank of America upgraded shares of Globus Medical (NYSE:GMED) from an underperform rating to a neutral rating in a report released on Thursday morning, Marketbeat.com reports. The brokerage currently has $97.00 target price on the medical device company’s stock, up from their previous target price of $80.00.

Other equities research analysts have also issued reports about the company. StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Wells Fargo & Company lifted their price target on shares of Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. 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. BTIG Research lifted their target price on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, Royal Bank of Canada boosted their price target 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. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Stock Up 0.6 %

Shares of NYSE 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 PEG ratio of 1.97 and a beta of 1.19. The firm’s fifty day moving average is $83.06 and its 200 day moving average is $75.22. Globus Medical has a 52 week low of $49.33 and a 52 week 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.57 earnings per share. Equities research analysts anticipate that Globus Medical will post 2.97 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $2,251,200.00. Following the completion of the transaction, the director now owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. The trade was a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 97,500 shares of company stock worth $7,674,950 in the last quarter. Corporate insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

A number of hedge funds have recently added to or reduced their stakes in the stock. Everence Capital Management Inc. purchased a new stake in Globus Medical during the 4th quarter valued at $204,000. GAMMA Investing LLC raised its stake in Globus Medical by 41.7% during the 4th quarter. GAMMA Investing LLC now owns 1,258 shares of the medical device company’s stock valued at $104,000 after buying an additional 370 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in Globus Medical during the 3rd quarter valued at $37,948,000. Franklin Resources Inc. purchased a new stake in Globus Medical during the 3rd quarter valued at $3,833,000. Finally, Synovus Financial Corp raised its stake in Globus Medical by 9.8% during the 3rd quarter. Synovus Financial Corp now owns 14,311 shares of the medical device company’s stock valued at $1,024,000 after buying an additional 1,281 shares during the last quarter. 95.16% of the stock is currently 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.