Bank of America Upgrades Globus Medical (NYSE:GMED) to “Neutral”

Globus Medical (NYSE:GMED) was upgraded by investment analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a $97.00 target price on the medical device company’s stock, up from their prior target price of $80.00. Bank of America‘s target price would suggest a potential upside of 12.35% from the company’s current price.

Several other research firms have also recently commented on GMED. Stifel Nicolaus raised their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Royal Bank of Canada raised their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $83.00 to $100.00 in a report on Monday, December 2nd. Truist Financial increased their price target on Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Finally, Roth Mkm boosted their price objective on Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $96.09.

Globus Medical Stock Up 3.5 %

Globus Medical stock opened at $86.34 on Thursday. Globus Medical has a 52-week low of $49.33 and a 52-week high of $87.22. The firm has a market capitalization of $11.76 billion, a price-to-earnings ratio of 128.87, a PEG ratio of 1.97 and a beta of 1.19. The firm has a 50-day moving average price of $82.56 and a two-hundred day moving average price of $74.94.

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

Insiders Place Their Bets

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. This trade represents a 5.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 97,500 shares of company stock worth $7,674,950. 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 modified their holdings of the stock. Victory Capital Management Inc. grew its stake in shares of Globus Medical by 855.3% in the 2nd quarter. Victory Capital Management Inc. now owns 381,253 shares of the medical device company’s stock valued at $26,112,000 after buying an additional 341,342 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in Globus Medical in the second quarter valued at approximately $33,000. Choreo LLC bought a new stake in Globus Medical in the second quarter worth approximately $517,000. American Century Companies Inc. increased its stake in shares of Globus Medical by 5.7% during the 2nd quarter. American Century Companies Inc. now owns 26,625 shares of the medical device company’s stock worth $1,824,000 after purchasing an additional 1,442 shares during the last quarter. Finally, Schiavi & Co LLC bought a new position in shares of Globus Medical during the 2nd quarter valued at $205,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.