Globus Medical, Inc. (NYSE:GMED) Receives $77.00 Consensus Target Price from Analysts

Globus Medical, Inc. (NYSE:GMED) has earned an average rating of “Moderate Buy” from the eleven brokerages that are presently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $77.00.

A number of brokerages have weighed in on GMED. Stifel Nicolaus increased their target price on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday, August 7th. Morgan Stanley lifted their target price on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Piper Sandler upgraded Globus Medical from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $60.00 to $80.00 in a research report on Monday, May 20th. Finally, Royal Bank of Canada boosted their price objective on Globus Medical from $76.00 to $78.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th.

Insider Activity at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the sale, the director now directly owns 16,419 shares in the company, valued at approximately $1,149,330. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 18.54% of the stock is currently owned by insiders.

Institutional Trading of Globus Medical

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Globus Medical by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock worth $600,990,000 after acquiring an additional 32,220 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Globus Medical by 3.8% during the first quarter. Bank of New York Mellon Corp now owns 3,016,702 shares of the medical device company’s stock valued at $161,816,000 after purchasing an additional 110,912 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Globus Medical by 9.5% in the fourth quarter. Wellington Management Group LLP now owns 2,912,454 shares of the medical device company’s stock worth $155,205,000 after buying an additional 252,510 shares during the period. Burgundy Asset Management Ltd. grew its position 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 worth $172,245,000 after purchasing an additional 35,054 shares in the last quarter. Finally, Champlain Investment Partners LLC grew its position in Globus Medical by 25.2% during the first quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company’s stock valued at $134,335,000 after purchasing an additional 503,745 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

Shares of GMED stock opened at $70.05 on Thursday. The stock has a market capitalization of $9.48 billion, a price-to-earnings ratio of 109.45, a PEG ratio of 1.95 and a beta of 1.15. Globus Medical has a one year low of $43.38 and a one year high of $74.21. The company’s 50-day simple moving average is $69.55 and its 200-day simple moving average is $60.77.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.68 by $0.07. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The company had revenue of $629.69 million during the quarter, compared to analyst estimates of $615.33 million. During the same quarter last year, the firm earned $0.63 EPS. The business’s revenue was up 115.9% on a year-over-year basis. As a group, research analysts forecast that Globus Medical will post 2.82 EPS for the current 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.