Globus Medical (NYSE:GMED) Raised to Strong-Buy at Wells Fargo & Company

Globus Medical (NYSE:GMED) was upgraded by equities researchers at Wells Fargo & Company to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Other research analysts have also issued reports about the stock. Canaccord Genuity Group upped their price objective on shares of Globus Medical from $105.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Royal Bank Of Canada lifted their target price on shares of Globus Medical from $92.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Barclays boosted their price target on shares of Globus Medical from $118.00 to $123.00 and gave the company an “overweight” rating in a research report on Wednesday, February 25th. Truist Financial set a $115.00 price target on shares of Globus Medical in a research note on Wednesday, February 25th. Finally, Piper Sandler restated an “overweight” rating and issued a $115.00 price objective (up from $90.00) on shares of Globus Medical in a report on Thursday, January 8th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and a consensus target price of $104.36.

Globus Medical Stock Performance

Shares of GMED stock opened at $86.69 on Wednesday. Globus Medical has a fifty-two week low of $51.79 and a fifty-two week high of $101.40. The firm has a market cap of $11.72 billion, a P/E ratio of 22.00, a P/E/G ratio of 2.06 and a beta of 1.05. The business’s 50 day moving average price is $90.43 and its 200-day moving average price is $78.91.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, February 24th. The medical device company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.22. Globus Medical had a return on equity of 12.57% and a net margin of 18.30%.The company had revenue of $826.42 million during the quarter, compared to the consensus estimate of $803.29 million. During the same quarter in the prior year, the company earned $0.84 earnings per share. The firm’s revenue for the quarter was up 25.7% on a year-over-year basis. As a group, equities analysts predict that Globus Medical will post 3.44 EPS for the current year.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 2,000 shares of Globus Medical stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total transaction of $202,200.00. Following the completion of the transaction, the director owned 10,419 shares in the company, valued at approximately $1,053,360.90. The trade was a 16.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kelly Huller sold 20,000 shares of the stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $94.50, for a total value of $1,890,000.00. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 35,594 shares of company stock worth $3,332,253. 18.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Globus Medical

A number of hedge funds have recently bought and sold shares of the company. Advisory Services Network LLC purchased a new position in Globus Medical in the third quarter worth about $26,000. EverSource Wealth Advisors LLC grew its holdings in shares of Globus Medical by 74.3% during the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after buying an additional 197 shares during the last quarter. Advisors Asset Management Inc. bought a new stake in shares of Globus Medical during the second quarter valued at approximately $28,000. SBI Securities Co. Ltd. increased its position in shares of Globus Medical by 98.2% during the fourth quarter. SBI Securities Co. Ltd. now owns 337 shares of the medical device company’s stock valued at $29,000 after acquiring an additional 167 shares in the last quarter. Finally, First Horizon Corp purchased a new position in Globus Medical in the 3rd quarter worth approximately $31,000. Institutional investors own 95.16% of the company’s stock.

Globus Medical Company Profile

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.