Globus Medical (NYSE:GMED) Lowered to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of Globus Medical (NYSE:GMED) from a buy rating to a hold rating in a research report released on Wednesday morning.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company upped their target price on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Barclays increased their price objective on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. BTIG Research boosted their target price on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Wednesday, November 6th. Finally, Piper Sandler lifted their price objective on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.18.

Globus Medical Stock Down 0.2 %

GMED stock opened at $84.72 on Wednesday. The stock has a market capitalization of $11.54 billion, a P/E ratio of 126.45, a P/E/G ratio of 1.99 and a beta of 1.17. Globus Medical has a 52 week low of $44.02 and a 52 week high of $85.30. The firm has a 50-day simple moving average of $74.76 and a 200-day simple moving average of $70.69.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating 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 analysts’ expectations of $604.69 million. During the same quarter in the prior year, the firm earned $0.57 earnings per share. The business’s revenue was up 63.1% compared to the same quarter last year. On average, analysts expect that Globus Medical will post 2.98 earnings per share for the current year.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Kelly Huller sold 5,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. Insiders have sold 110,000 shares of company stock valued at $8,512,850 over the last 90 days. 18.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Globus Medical

Hedge funds have recently bought and sold shares of the company. Bessemer Group Inc. increased its stake in Globus Medical by 26.4% during the first quarter. Bessemer Group Inc. now owns 34,951 shares of the medical device company’s stock worth $1,875,000 after purchasing an additional 7,294 shares during the period. Gamco Investors INC. ET AL lifted its holdings in Globus Medical by 0.4% during the 1st quarter. Gamco Investors INC. ET AL now owns 139,320 shares of the medical device company’s stock worth $7,473,000 after buying an additional 616 shares in the last quarter. Magnetar Financial LLC lifted its holdings in Globus Medical by 198.6% during the 1st quarter. Magnetar Financial LLC now owns 1,689,287 shares of the medical device company’s stock worth $90,613,000 after buying an additional 1,123,540 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Globus Medical by 7.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,151,660 shares of the medical device company’s stock valued at $61,776,000 after buying an additional 81,944 shares during the period. Finally, Public Employees Retirement Association of Colorado grew its stake in shares of Globus Medical by 2,272.1% in the first quarter. Public Employees Retirement Association of Colorado now owns 311,285 shares of the medical device company’s stock worth $16,697,000 after acquiring an additional 298,162 shares in the last quarter. Institutional investors and hedge funds 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.