Royal Bank of Canada Increases Globus Medical (NYSE:GMED) Price Target to $80.00

Globus Medical (NYSE:GMED) had its target price upped by Royal Bank of Canada from $78.00 to $80.00 in a research report report published on Tuesday, Benzinga reports. They currently have an outperform rating on the medical device company’s stock.

Other analysts have also recently issued reports about the stock. Needham & Company LLC reissued a hold rating on shares of Globus Medical in a research note on Wednesday, August 7th. Wells Fargo & Company raised shares of Globus Medical from an equal weight rating to an overweight rating and upped their price target for the stock from $60.00 to $78.00 in a research report on Wednesday, August 7th. BTIG Research upped their price target on shares of Globus Medical from $75.00 to $77.00 and gave the stock a buy rating in a research report on Wednesday, August 28th. Morgan Stanley upped their price target on shares of Globus Medical from $67.00 to $71.00 and gave the stock an equal weight rating in a research report on Monday, July 15th. Finally, Barclays upped their price target on shares of Globus Medical from $85.00 to $93.00 and gave the stock an overweight rating in a research report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $77.40.

Globus Medical Stock Up 1.1 %

Shares of NYSE GMED opened at $70.55 on Tuesday. Globus Medical has a 52-week low of $43.38 and a 52-week high of $74.21. The firm has a fifty day moving average of $70.42 and a 200-day moving average of $65.14. The stock has a market capitalization of $9.55 billion, a PE ratio of 235.43, a P/E/G ratio of 1.94 and a beta of 1.17.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (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 analysts’ expectations of $615.33 million. During the same period in the previous year, the company earned $0.63 EPS. The business’s quarterly revenue was up 115.9% compared to the same quarter last year. Equities research analysts expect that Globus Medical will post 2.84 EPS for the current fiscal year.

Insider Activity

In related news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Institutional investors have recently modified their holdings of the business. Creative Planning grew its position in Globus Medical by 5.1% in the 3rd quarter. Creative Planning now owns 6,471 shares of the medical device company’s stock worth $463,000 after purchasing an additional 314 shares during the last quarter. Juncture Wealth Strategies LLC grew its position in Globus Medical by 2.5% in the 3rd quarter. Juncture Wealth Strategies LLC now owns 10,671 shares of the medical device company’s stock worth $763,000 after purchasing an additional 265 shares during the last quarter. Profit Investment Management LLC grew its position in Globus Medical by 34.7% in the 3rd quarter. Profit Investment Management LLC now owns 30,356 shares of the medical device company’s stock worth $2,172,000 after purchasing an additional 7,813 shares during the last quarter. Artemis Investment Management LLP bought a new position in Globus Medical in the 3rd quarter worth about $30,656,000. Finally, Atomi Financial Group Inc. bought a new position in Globus Medical in the 3rd quarter worth about $258,000. 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.