Gabelli Reaffirms Buy Rating for Globus Medical, Inc. (GMED)
Gabelli reissued their buy rating on shares of Globus Medical, Inc. (NYSE:GMED) in a research note published on Tuesday morning. Gabelli also issued estimates for Globus Medical’s FY2019 earnings at $1.45 EPS.
Several other analysts have also recently weighed in on GMED. ValuEngine raised Globus Medical from a hold rating to a buy rating in a report on Friday, November 10th. Zacks Investment Research upgraded Globus Medical from a sell rating to a hold rating in a research note on Friday, November 10th. BidaskClub upgraded Globus Medical from a hold rating to a buy rating in a research note on Tuesday. Bank of America Corporation upgraded Globus Medical from an underperform rating to a neutral rating in a research note on Friday, November 10th. Finally, Needham & Company LLC reiterated a hold rating on shares of Globus Medical in a research note on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. Globus Medical presently has a consensus rating of Buy and a consensus price target of $34.00.
Shares of Globus Medical (NYSE GMED) traded down $0.42 during midday trading on Tuesday, hitting $36.59. The company’s stock had a trading volume of 703,715 shares, compared to its average volume of 683,571. The company has a market capitalization of $3,580.00, a PE ratio of 30.24, a PEG ratio of 2.94 and a beta of 0.54. Globus Medical has a 12 month low of $20.81 and a 12 month high of $38.04.
Globus Medical (NYSE:GMED) last released its quarterly earnings results on Wednesday, November 8th. The medical device company reported $0.30 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.30. Globus Medical had a return on equity of 13.67% and a net margin of 17.54%. The business had revenue of $151.74 million during the quarter, compared to analysts’ expectations of $150.73 million. During the same period in the previous year, the business posted $0.29 earnings per share. The firm’s revenue for the quarter was up 11.9% compared to the same quarter last year. analysts predict that Globus Medical will post 1.27 earnings per share for the current fiscal year.
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In other news, insider A Brett Murphy sold 51,449 shares of the stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $35.00, for a total transaction of $1,800,715.00. Following the sale, the insider now directly owns 49,768 shares of the company’s stock, valued at approximately $1,741,880. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 28.21% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its stake in Globus Medical by 1.2% in the second quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock valued at $100,000 after buying an additional 35 shares in the last quarter. Sei Investments Co. boosted its stake in Globus Medical by 18.9% in the second quarter. Sei Investments Co. now owns 3,165 shares of the medical device company’s stock valued at $105,000 after buying an additional 503 shares in the last quarter. Advisor Group Inc. boosted its stake in Globus Medical by 2.0% in the second quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock valued at $114,000 after buying an additional 68 shares in the last quarter. Turner Investments LLC acquired a new stake in Globus Medical in the second quarter valued at about $166,000. Finally, Victory Capital Management Inc. boosted its stake in Globus Medical by 17.6% in the second quarter. Victory Capital Management Inc. now owns 5,398 shares of the medical device company’s stock valued at $179,000 after buying an additional 808 shares in the last quarter. 65.59% of the stock is currently owned by institutional investors.
Globus Medical Company Profile
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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