Truist Financial Lowers Globus Medical (NYSE:GMED) Price Target to $82.00

Globus Medical (NYSE:GMED) had its target price dropped by investment analysts at Truist Financial from $90.00 to $82.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “hold” rating on the medical device company’s stock. Truist Financial’s price objective indicates a potential upside of 11.79% from the stock’s previous close.

A number of other equities research analysts have also recently commented on GMED. Roth Mkm raised their price target on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Barclays raised their price target on shares of Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. StockNews.com upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a report on Thursday, March 13th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Tuesday. Finally, Stifel Nicolaus raised their price target on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and an average target price of $97.09.

Globus Medical Stock Up 2.5 %

Shares of NYSE GMED opened at $73.35 on Tuesday. Globus Medical has a twelve month low of $49.33 and a twelve month high of $94.93. The firm has a fifty day simple moving average of $84.13 and a 200 day simple moving average of $79.75. The company has a market capitalization of $10.09 billion, a PE ratio of 97.80, a P/E/G ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last announced its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The business had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. As a group, equities analysts expect that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Oak Thistle LLC bought a new stake in Globus Medical in the fourth quarter worth about $376,000. bLong Financial LLC bought a new stake in Globus Medical in the fourth quarter worth about $397,000. Kathmere Capital Management LLC bought a new stake in Globus Medical in the fourth quarter worth about $23,091,000. Intech Investment Management LLC raised its position in Globus Medical by 291.3% in the third quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock worth $1,469,000 after acquiring an additional 15,283 shares during the period. Finally, Quest Partners LLC bought a new stake in Globus Medical in the third quarter worth about $523,000. 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.