Several other analysts have also recently commented on GMED. Zacks Investment Research upgraded shares of Globus Medical from a hold rating to a buy rating and set a $60.00 price target for the company in a report on Friday, August 3rd. Morgan Stanley raised their price target on shares of Globus Medical from $58.00 to $60.00 and gave the stock an overweight rating in a report on Thursday, August 2nd. Finally, Needham & Company LLC raised their price target on shares of Globus Medical from $58.00 to $65.00 and gave the stock a buy rating in a report on Thursday, August 2nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Globus Medical presently has a consensus rating of Buy and a consensus target price of $56.00.
Shares of GMED stock traded down $5.58 during trading on Friday, hitting $51.86. 1,770,028 shares of the company were exchanged, compared to its average volume of 734,760. The stock has a market cap of $5.58 billion, a P/E ratio of 37.14, a P/E/G ratio of 2.91 and a beta of 0.65. Globus Medical has a twelve month low of $34.45 and a twelve month high of $57.83.
Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Thursday, November 8th. The medical device company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.33 by $0.06. The business had revenue of $169.20 million during the quarter, compared to analysts’ expectations of $167.47 million. Globus Medical had a net margin of 19.91% and a return on equity of 15.14%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period last year, the company posted $0.30 earnings per share. On average, analysts predict that Globus Medical will post 1.55 EPS for the current fiscal year.
In related news, Chairman David C. Paul sold 707,191 shares of the firm’s stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $54.01, for a total transaction of $38,195,385.91. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 28.44% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Globus Medical by 14.9% in the second quarter. BlackRock Inc. now owns 9,201,726 shares of the medical device company’s stock valued at $464,318,000 after purchasing an additional 1,190,681 shares during the period. FMR LLC bought a new position in shares of Globus Medical in the second quarter valued at approximately $46,806,000. Renaissance Technologies LLC raised its position in shares of Globus Medical by 69.7% in the second quarter. Renaissance Technologies LLC now owns 854,900 shares of the medical device company’s stock valued at $43,138,000 after purchasing an additional 351,100 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Globus Medical by 140.7% in the second quarter. Canada Pension Plan Investment Board now owns 486,900 shares of the medical device company’s stock valued at $24,569,000 after purchasing an additional 284,600 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Globus Medical by 19.9% in the second quarter. Victory Capital Management Inc. now owns 1,335,595 shares of the medical device company’s stock valued at $67,394,000 after purchasing an additional 221,613 shares during the period. 63.95% of the stock is currently owned by hedge funds and other institutional investors.
About Globus Medical
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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