StockNews.com Upgrades Globus Medical (NYSE:GMED) to Buy

StockNews.com upgraded shares of Globus Medical (NYSE:GMED) from a hold rating to a buy rating in a research note issued to investors on Tuesday.

A number of other analysts have also recently weighed in on the company. Stifel Nicolaus increased their price objective on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Wells Fargo & Company increased their price objective on shares of Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Piper Sandler upped their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada upped their price objective on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $96.91.

Globus Medical Trading Up 0.4 %

Shares of GMED stock opened at $93.17 on Tuesday. Globus Medical has a twelve month low of $49.33 and a twelve month high of $94.93. The company’s 50-day moving average price is $85.69 and its 200-day moving average price is $77.25. The stock has a market cap of $12.69 billion, a price-to-earnings ratio of 139.06, a PEG ratio of 1.78 and a beta of 1.19.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million during 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 firm’s quarterly revenue was up 63.1% on a year-over-year basis. During the same quarter last year, the company posted $0.57 EPS. As a group, equities research analysts predict that Globus Medical will post 2.98 EPS for the current year.

Insider Transactions at Globus Medical

In related news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kelly Huller sold 2,500 shares of the firm’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 disclosure for this sale can be found here. Over the last three months, insiders have sold 81,667 shares of company stock valued at $6,674,554. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new position in shares of Globus Medical during the third quarter worth about $27,000. Quarry LP raised its stake in Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after buying an additional 433 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after buying an additional 385 shares during the last quarter. UMB Bank n.a. grew its position in shares of Globus Medical by 60.2% in the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after acquiring an additional 206 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Globus Medical by 40.7% in the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock valued at $64,000 after acquiring an additional 257 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

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.