Globus Medical, Inc. (GMED) Upgraded to Neutral at Bank of America Corporation
A number of other research firms also recently weighed in on GMED. Needham & Company LLC reaffirmed a hold rating on shares of Globus Medical in a research note on Thursday. Barclays PLC raised their price target on Globus Medical from $27.00 to $29.00 and gave the stock an underweight rating in a research note on Thursday. Canaccord Genuity reaffirmed a buy rating and set a $38.00 price target on shares of Globus Medical in a research note on Thursday. BTIG Research reaffirmed a buy rating and set a $37.00 price target on shares of Globus Medical in a research note on Thursday. Finally, BidaskClub raised Globus Medical from a sell rating to a hold rating in a research note on Saturday, October 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $34.00.
Shares of Globus Medical (NYSE GMED) traded up $1.71 during midday trading on Friday, reaching $35.94. The company’s stock had a trading volume of 1,829,800 shares, compared to its average volume of 662,568. Globus Medical has a 12-month low of $20.52 and a 12-month high of $35.96. The firm has a market cap of $3,460.70, a price-to-earnings ratio of 28.75, a PEG ratio of 2.70 and a beta of 0.55.
Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, November 8th. The medical device company reported $0.30 EPS for the quarter, hitting 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 firm had revenue of $151.74 million during the quarter, compared to analyst estimates of $150.73 million. During the same period last year, the company posted $0.29 EPS. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. sell-side analysts expect that Globus Medical will post 1.27 earnings per share for the current fiscal year.
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In other Globus Medical news, insider A Brett Murphy sold 15,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $29.99, for a total value of $449,850.00. Following the transaction, the insider now directly owns 101,217 shares of the company’s stock, valued at approximately $3,035,497.83. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 28.21% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC grew its holdings in shares of Globus Medical by 19.9% during the 2nd quarter. SG Americas Securities LLC now owns 47,862 shares of the medical device company’s stock worth $1,587,000 after purchasing an additional 7,937 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Globus Medical by 26.2% during the 2nd quarter. Goldman Sachs Group Inc. now owns 166,090 shares of the medical device company’s stock worth $5,505,000 after purchasing an additional 34,513 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Globus Medical by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 5,712,043 shares of the medical device company’s stock worth $189,355,000 after purchasing an additional 76,345 shares in the last quarter. AJO LP acquired a new stake in shares of Globus Medical during the 2nd quarter worth approximately $1,262,000. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of Globus Medical by 5.6% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 292,401 shares of the medical device company’s stock worth $8,661,000 after purchasing an additional 15,501 shares in the last quarter. 65.46% of the stock is currently owned by institutional investors.
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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