Globus Medical, Inc. (NYSE:GMED) Receives $93.55 Average PT from Brokerages

Shares of Globus Medical, Inc. (NYSE:GMED) have been given an average recommendation of “Moderate Buy” by the twelve ratings firms that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $94.55.

A number of research firms have recently issued reports on GMED. Roth Mkm increased their target price on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Bank of America raised their price objective on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday, November 6th. Piper Sandler increased their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. StockNews.com downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, Royal Bank of Canada lifted their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th.

Insider Transactions at Globus Medical

In related news, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 97,500 shares of company stock worth $7,674,950. 18.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new stake in shares of Globus Medical in the second quarter valued at about $611,000. Quest Partners LLC acquired a new stake in shares of Globus Medical during the 3rd quarter worth approximately $523,000. Intech Investment Management LLC increased its position in shares of Globus Medical by 291.3% during the third quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after purchasing an additional 15,283 shares during the period. Quantbot Technologies LP acquired a new position in shares of Globus Medical in the third quarter valued at $2,709,000. Finally, AXA S.A. lifted its position in Globus Medical by 0.5% in the second quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after purchasing an additional 7,443 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Stock Up 0.4 %

Shares of NYSE GMED opened at $83.47 on Wednesday. Globus Medical has a 12 month low of $49.33 and a 12 month high of $87.22. The company has a market cap of $11.37 billion, a price-to-earnings ratio of 124.58, a P/E/G ratio of 1.99 and a beta of 1.19. The business has a fifty day simple moving average of $80.26 and a 200-day simple moving average of $73.56.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same period last year, the company posted $0.57 earnings per share. The business’s revenue for the quarter was up 63.1% on a year-over-year basis. As a group, sell-side analysts expect that Globus Medical will post 2.97 EPS for the current fiscal year.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.