Globus Medical (NYSE:GMED) Price Target Raised to $92.00 at Royal Bank of Canada

Globus Medical (NYSE:GMED) had its target price hoisted by Royal Bank of Canada from $80.00 to $92.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the medical device company’s stock.

Several other brokerages also recently commented on GMED. Wells Fargo & Company increased their price target on Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday. Morgan Stanley raised their price target 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. Bank of America raised their price target on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a report on Wednesday. Barclays lifted their target price on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Finally, Truist Financial lifted their target price on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $87.09.

Globus Medical Stock Down 1.3 %

Shares of NYSE:GMED traded down $1.09 on Wednesday, reaching $80.88. 1,804,199 shares of the company’s stock were exchanged, compared to its average volume of 934,414. The firm has a market capitalization of $10.95 billion, a price-to-earnings ratio of 120.72, a PEG ratio of 2.19 and a beta of 1.17. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $84.87. The business’s 50-day moving average is $72.28 and its two-hundred day moving average is $68.46.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. Globus Medical’s revenue was up 63.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 EPS. Analysts predict that Globus Medical will post 2.97 earnings per share for the current fiscal year.

Insider Transactions at Globus Medical

In related news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction that occurred on 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 $3,017,318.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction that occurred on 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 $3,017,318.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the 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.

Hedge Funds Weigh In On Globus Medical

Several institutional investors and hedge funds have recently added to or reduced their stakes in GMED. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Globus Medical by 37.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,293 shares of the medical device company’s stock worth $1,679,000 after buying an additional 8,534 shares during the period. Janney Montgomery Scott LLC increased its position in shares of Globus Medical by 26.9% during the first quarter. Janney Montgomery Scott LLC now owns 35,640 shares of the medical device company’s stock worth $1,912,000 after buying an additional 7,565 shares during the period. Capstone Investment Advisors LLC acquired a new stake in shares of Globus Medical during the first quarter worth $308,000. GSA Capital Partners LLP acquired a new stake in shares of Globus Medical during the first quarter worth $429,000. Finally, Texas Permanent School Fund Corp increased its position in shares of Globus Medical by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 100,964 shares of the medical device company’s stock worth $5,416,000 after buying an additional 1,311 shares during the period. 95.16% of the stock is currently 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.