Globus Medical (NYSE:GMED) Stock Rating Upgraded by Zacks Research

Globus Medical (NYSE:GMED) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

GMED has been the subject of several other research reports. Barclays upped their target price on shares of Globus Medical from $118.00 to $123.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 25th. Needham & Company LLC boosted their target price on Globus Medical from $112.00 to $114.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. BTIG Research restated a “neutral” rating on shares of Globus Medical in a research note on Tuesday, December 30th. Royal Bank Of Canada upped their target price on shares of Globus Medical from $92.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. Finally, Canaccord Genuity Group raised their price target on Globus Medical from $105.00 to $112.00 and gave the company a “buy” rating in a report on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus target price of $104.36.

Globus Medical Stock Down 2.0%

GMED traded down $1.78 during midday trading on Tuesday, hitting $88.68. The company had a trading volume of 703,678 shares, compared to its average volume of 1,382,502. The stock’s 50 day moving average price is $90.87 and its 200 day moving average price is $77.12. The company has a market capitalization of $11.87 billion, a price-to-earnings ratio of 22.51, a PEG ratio of 2.14 and a beta of 1.05. Globus Medical has a 52 week low of $51.79 and a 52 week high of $101.40.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share for the quarter, topping 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 business had revenue of $826.42 million for the quarter, compared to the consensus estimate of $803.29 million. During the same period in the prior year, the business earned $0.84 EPS. The firm’s revenue for the quarter was up 25.7% on a year-over-year basis. Research analysts predict that Globus Medical will post 3.44 EPS for the current year.

Insider Transactions at Globus Medical

In other news, Director Leslie V. Norwalk sold 2,000 shares of Globus Medical stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $101.10, for a total value of $202,200.00. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kyle Kline sold 3,594 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total value of $363,353.40. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 35,594 shares of company stock worth $3,332,253. Company insiders own 18.51% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Hedge funds have recently modified their holdings of the company. Invesco Ltd. grew its stake in shares of Globus Medical by 1,235.2% in the fourth quarter. Invesco Ltd. now owns 3,886,405 shares of the medical device company’s stock worth $339,322,000 after purchasing an additional 3,595,339 shares during the last quarter. Bank of Montreal Can grew its position in shares of Globus Medical by 15,317.1% in the 4th quarter. Bank of Montreal Can now owns 3,373,260 shares of the medical device company’s stock worth $294,519,000 after buying an additional 3,351,380 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Globus Medical by 1,303.9% during the third quarter. Alliancebernstein L.P. now owns 2,055,183 shares of the medical device company’s stock valued at $117,700,000 after buying an additional 1,908,795 shares during the period. Boston Trust Walden Corp bought a new position in shares of Globus Medical during the third quarter valued at approximately $67,891,000. Finally, Norges Bank purchased a new stake in Globus Medical in the second quarter worth $68,038,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

About Globus Medical

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.