Globus Medical (NYSE:GMED) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Globus Medical (NYSE:GMED) had its price objective hoisted by equities research analysts at Royal Bank of Canada from $80.00 to $92.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the medical device company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 13.93% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday. Bank of America boosted their price target on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday. Morgan Stanley upped their price objective on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Barclays lifted their target price on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Finally, BTIG Research upped their price target on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $87.09.

Globus Medical Stock Performance

Shares of Globus Medical stock traded down $1.22 on Wednesday, reaching $80.75. 365,191 shares of the stock were exchanged, compared to its average volume of 996,902. The firm’s 50 day moving average is $71.92 and its 200-day moving average is $68.16. The firm has a market cap of $10.93 billion, a PE ratio of 273.23, a P/E/G ratio of 2.06 and a beta of 1.17. Globus Medical has a one year low of $43.38 and a one year high of $84.87.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same quarter in the prior year, the firm earned $0.57 EPS. The firm’s revenue was up 63.1% compared to the same quarter last year. On average, equities research analysts expect that Globus Medical will post 2.84 EPS for the current fiscal year.

Insider Activity at Globus Medical

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the stock in a transaction dated 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 sale, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value 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 approximately $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the sale, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globus Medical

Hedge funds have recently added to or reduced their stakes in the company. Pathstone Holdings LLC lifted its holdings in shares of Globus Medical by 2.6% in the 3rd quarter. Pathstone Holdings LLC now owns 41,007 shares of the medical device company’s stock worth $2,934,000 after purchasing an additional 1,055 shares in the last quarter. Quest Partners LLC acquired a new position in Globus Medical during the third quarter worth $523,000. Sheaff Brock Investment Advisors LLC lifted its stake in shares of Globus Medical by 0.8% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 39,024 shares of the medical device company’s stock valued at $2,792,000 after buying an additional 321 shares in the last quarter. KBC Group NV grew its holdings in shares of Globus Medical by 0.5% during the third quarter. KBC Group NV now owns 45,505 shares of the medical device company’s stock valued at $3,255,000 after buying an additional 237 shares during the last quarter. Finally, Geneva Capital Management LLC increased its position in shares of Globus Medical by 1.1% during the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after acquiring an additional 18,117 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.