Globus Medical (NYSE:GMED) Reaches New 12-Month High – Here’s What Happened

Globus Medical, Inc. (NYSE:GMED)’s share price hit a new 52-week high on Wednesday . The company traded as high as $85.34 and last traded at $85.02, with a volume of 172233 shares. The stock had previously closed at $84.53.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Truist Financial upped their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Wednesday, November 6th. Piper Sandler boosted their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Morgan Stanley raised their price target on Globus Medical from $74.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Finally, BTIG Research increased their price objective on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.18.

Globus Medical Stock Up 0.6 %

The company has a market cap of $11.58 billion, a P/E ratio of 126.16, a PEG ratio of 2.02 and a beta of 1.17. The business has a fifty day moving average price of $75.35 and a 200-day moving average price of $71.17.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same quarter last year, the company earned $0.57 EPS. The company’s revenue was up 63.1% on a year-over-year basis. As a group, research analysts expect that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

Insider Transactions at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the transaction, the director now owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This represents a 25.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction that occurred on 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 90 days, insiders sold 110,000 shares of company stock valued at $8,512,850. Company insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of GMED. State Street Corp increased its position in shares of Globus Medical by 2.3% during the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after buying an additional 81,371 shares during the period. Burgundy Asset Management Ltd. boosted its stake in Globus Medical by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after purchasing an additional 35,054 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Globus Medical by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock valued at $134,893,000 after buying an additional 21,935 shares during the last quarter. Magnetar Financial LLC boosted its holdings in Globus Medical by 1.7% during the 2nd quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock worth $117,699,000 after acquiring an additional 29,200 shares during the last quarter. Finally, Geneva Capital Management LLC grew its position in Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after purchasing an additional 18,117 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

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.