Globus Medical, Inc. (GMED) Cut to “Strong Sell” at BidaskClub
BidaskClub lowered shares of Globus Medical, Inc. (NYSE:GMED) from a sell rating to a strong sell rating in a research note published on Saturday.
GMED has been the subject of a number of other reports. Zacks Investment Research lowered shares of Globus Medical from a hold rating to a sell rating in a research note on Tuesday, July 4th. Oppenheimer Holdings, Inc. set a $35.00 price target on shares of Globus Medical and gave the stock a hold rating in a research note on Thursday, August 3rd. Canaccord Genuity reiterated a buy rating and issued a $37.00 price target on shares of Globus Medical in a research note on Friday, August 18th. Finally, Barclays PLC reiterated an underweight rating and issued a $28.00 price target (down from $30.00) on shares of Globus Medical in a research note on Wednesday, August 9th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The company currently has an average rating of Hold and an average target price of $30.43.
Globus Medical (NYSE GMED) opened at 29.31 on Friday. The stock has a 50 day moving average price of $30.86 and a 200 day moving average price of $30.39. The company has a market cap of $2.82 billion, a PE ratio of 26.41 and a beta of 0.60. Globus Medical has a one year low of $19.25 and a one year high of $34.03.
Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Wednesday, August 2nd. The medical device company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.02. Globus Medical had a net margin of 18.12% and a return on equity of 13.99%. The firm had revenue of $152.39 million during the quarter, compared to analyst estimates of $150.94 million. During the same period in the previous year, the business posted $0.29 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, equities analysts anticipate that Globus Medical will post $1.27 EPS for the current fiscal year.
In related news, President Anthony L. Williams sold 16,153 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $31.94, for a total transaction of $515,926.82. Following the completion of the sale, the president now directly owns 16,153 shares in the company, valued at $515,926.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 28.21% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. raised its stake in shares of 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 during the period. Sei Investments Co. raised its position 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 worth $105,000 after buying an additional 503 shares during the last quarter. Elkfork Partners LLC purchased a new position in Globus Medical during the first quarter worth $114,000. Advisor Group Inc. raised its position 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 worth $114,000 after buying an additional 68 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in Globus Medical by 22.1% in the first quarter. Victory Capital Management Inc. now owns 4,590 shares of the medical device company’s stock worth $136,000 after buying an additional 830 shares during the last quarter. Institutional investors own 65.80% of the company’s stock.
About Globus Medical
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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