Globus Medical, Inc. (NYSE:GMED) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Globus Medical, Inc. (NYSE:GMED) have earned a consensus rating of “Moderate Buy” from the eleven brokerages that are currently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $77.20.

GMED has been the subject of a number of recent analyst reports. Royal Bank of Canada boosted their price target on shares of Globus Medical from $76.00 to $78.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Barclays boosted their price target on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Morgan Stanley boosted their price target on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Wells Fargo & Company upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $60.00 to $78.00 in a research report on Wednesday, August 7th. Finally, BTIG Research boosted their price target on shares of Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th.

Globus Medical Price Performance

Shares of GMED stock opened at $70.03 on Friday. The company’s fifty day simple moving average is $70.54 and its two-hundred day simple moving average is $64.51. Globus Medical has a 1 year low of $43.38 and a 1 year high of $74.21. The stock has a market capitalization of $9.48 billion, a price-to-earnings ratio of 109.42, a PEG ratio of 1.97 and a beta of 1.17.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The firm had revenue of $629.69 million during the quarter, compared to analyst estimates of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business’s revenue for the quarter was up 115.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.63 EPS. Equities research analysts anticipate that Globus Medical will post 2.84 EPS for the current year.

Insider Buying and Selling

In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction on 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 directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction on 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 directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the sale, the director now directly owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The disclosure for this sale can be found here. 18.54% of the stock is owned by company insiders.

Institutional Trading of Globus Medical

Several hedge funds have recently added to or reduced their stakes in the business. Ashton Thomas Private Wealth LLC bought a new position in shares of Globus Medical during the second quarter valued at about $33,000. GAMMA Investing LLC raised its stake in shares of Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after acquiring an additional 453 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Globus Medical during the second quarter valued at about $52,000. YHB Investment Advisors Inc. bought a new position in shares of Globus Medical during the first quarter valued at about $50,000. Finally, Nisa Investment Advisors LLC raised its stake in shares of Globus Medical by 15.9% during the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after acquiring an additional 160 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

About Globus Medical

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.