Globus Medical (NYSE:GMED) Sets New 1-Year High – Time to Buy?

Globus Medical, Inc. (NYSE:GMED) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $75.10 and last traded at $75.10, with a volume of 22210 shares changing hands. The stock had previously closed at $74.05.

Analysts Set New Price Targets

Several research firms have recently weighed in on GMED. Wells Fargo & Company upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $60.00 to $78.00 in a research note on Wednesday, August 7th. Morgan Stanley upped their price objective on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Royal Bank of Canada upped their price target on Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Finally, BTIG Research raised their price objective on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $77.50.

Globus Medical Trading Up 1.6 %

The business has a 50-day moving average of $70.62 and a 200 day moving average of $65.73. The firm has a market capitalization of $10.18 billion, a PE ratio of 117.53, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The company had revenue of $629.69 million during the quarter, compared to the consensus estimate of $615.33 million. During the same quarter in the prior year, the company posted $0.63 earnings per share. The firm’s revenue for the quarter was up 115.9% on a year-over-year basis. On average, sell-side analysts expect that Globus Medical, Inc. will post 2.84 EPS for the current fiscal year.

Insider Buying and Selling

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 18.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GMED. Leeward Investments LLC MA boosted its holdings in shares of Globus Medical by 27.6% in the first quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock worth $11,918,000 after acquiring an additional 48,047 shares during the period. Van ECK Associates Corp increased its stake in Globus Medical by 33.0% in the first quarter. Van ECK Associates Corp now owns 45,739 shares of the medical device company’s stock valued at $2,453,000 after acquiring an additional 11,359 shares during the last quarter. Swedbank AB raised its position in Globus Medical by 15.4% during the second quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after purchasing an additional 50,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in Globus Medical by 17.9% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock worth $77,852,000 after purchasing an additional 172,605 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in shares of Globus Medical in the 1st quarter worth about $429,000. 95.16% of the stock is owned by institutional investors.

About Globus Medical

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.