Globus Medical (NYSE:GMED) Upgraded at StockNews.com

StockNews.com upgraded shares of Globus Medical (NYSE:GMED) from a hold rating to a buy rating in a research note published on Tuesday.

GMED has been the topic of several other research reports. Canaccord Genuity Group upped their target price on Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $83.00 to $100.00 in a report on Monday, December 2nd. Truist Financial lifted their price objective on shares of Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Piper Sandler increased their target price 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. Finally, Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Stock Performance

Globus Medical stock opened at $92.92 on Tuesday. The firm has a market cap of $12.65 billion, a price-to-earnings ratio of 138.69, a PEG ratio of 1.78 and a beta of 1.19. Globus Medical has a 52-week low of $49.33 and a 52-week high of $93.67. The firm has a 50 day moving average price of $85.31 and a two-hundred day moving average price of $76.99.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18. The company had revenue of $625.71 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 63.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 earnings per share. As a group, equities research analysts predict that Globus Medical will post 2.98 EPS for the current fiscal year.

Insider Buying and Selling

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was 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. Insiders have sold 81,667 shares of company stock worth $6,674,554 in the last quarter. Insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Several institutional investors and hedge funds have recently added to or reduced their stakes in GMED. Hsbc Holdings PLC increased its position in shares of Globus Medical by 21.3% during the second quarter. Hsbc Holdings PLC now owns 6,634 shares of the medical device company’s stock valued at $454,000 after acquiring an additional 1,163 shares during the last quarter. Bank of Montreal Can grew its stake in Globus Medical by 9.4% in the 2nd quarter. Bank of Montreal Can now owns 18,619 shares of the medical device company’s stock valued at $1,275,000 after purchasing an additional 1,606 shares during the period. AQR Capital Management LLC increased its position in shares of Globus Medical by 1.5% during the 2nd quarter. AQR Capital Management LLC now owns 15,241 shares of the medical device company’s stock valued at $1,044,000 after purchasing an additional 228 shares during the last quarter. Creative Planning raised its stake in shares of Globus Medical by 16.8% during the 2nd quarter. Creative Planning now owns 6,157 shares of the medical device company’s stock worth $422,000 after purchasing an additional 886 shares during the period. Finally, Sanctuary Advisors LLC bought a new stake in shares of Globus Medical during the 2nd quarter worth $611,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.