Globus Medical, Inc. (NYSE:GMED) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Globus Medical, Inc. (NYSE:GMED) have received an average recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $77.20.

Several equities analysts have recently commented on the company. Morgan Stanley boosted their price objective on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Piper Sandler raised Globus Medical from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $60.00 to $80.00 in a report on Monday, May 20th. Wells Fargo & Company upgraded 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 note on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada upped their target price on shares of Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th.

Insiders Place Their Bets

In related news, Director Leslie V. Norwalk sold 1,000 shares of Globus Medical stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the transaction, the director now owns 16,419 shares in the company, valued at $1,149,330. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

A number of institutional investors have recently bought and sold shares of the stock. International Assets Investment Management LLC purchased a new stake in Globus Medical in the 4th quarter worth about $2,118,000. Victory Capital Management Inc. raised its holdings in shares of Globus Medical by 15.9% in the fourth quarter. Victory Capital Management Inc. now owns 60,365 shares of the medical device company’s stock worth $3,217,000 after buying an additional 8,288 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Globus Medical by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,007,812 shares of the medical device company’s stock worth $53,706,000 after acquiring an additional 60,060 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in Globus Medical by 3.6% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 7,094 shares of the medical device company’s stock valued at $378,000 after acquiring an additional 244 shares during the period. Finally, Moran Wealth Management LLC grew its position in Globus Medical by 0.9% in the 4th quarter. Moran Wealth Management LLC now owns 82,903 shares of the medical device company’s stock valued at $4,418,000 after acquiring an additional 708 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Trading Down 0.4 %

Shares of NYSE:GMED opened at $69.75 on Monday. The stock has a 50 day moving average of $70.84 and a 200 day moving average of $62.95. The company has a market cap of $9.44 billion, a PE ratio of 108.99, a price-to-earnings-growth ratio of 1.91 and a beta of 1.17. Globus Medical has a 12-month low of $43.38 and a 12-month high of $74.21.

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, topping analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. During the same period in the prior year, the company posted $0.63 earnings per share. The company’s revenue for the quarter was up 115.9% compared to the same quarter last year. Equities research analysts predict that Globus Medical will post 2.84 earnings per share for the current fiscal year.

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.