Globus Medical (NYSE:GMED) Reaches New 52-Week High – Here’s Why

Globus Medical, Inc. (NYSE:GMED)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $90.95 and last traded at $90.56, with a volume of 1676294 shares. The stock had previously closed at $88.18.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Royal Bank of Canada boosted their target price on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Bank of America raised Globus Medical from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. StockNews.com downgraded Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Stifel Nicolaus raised their price target on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Price Performance

The stock’s fifty day moving average price is $84.08 and its 200 day moving average price is $75.90. The stock has a market capitalization of $12.37 billion, a P/E ratio of 135.57, a PEG ratio of 1.80 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same period last year, the company posted $0.57 earnings per share. On average, sell-side analysts expect that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

Insider Buying and Selling at Globus Medical

In related news, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 value of $4,801,200.00. The disclosure for this sale can be found here. Insiders sold a total of 81,667 shares of company stock valued at $6,674,554 in the last ninety days. Corporate insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

A number of hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC purchased a new position in Globus Medical in the second quarter valued at about $611,000. Quest Partners LLC bought a new stake in shares of Globus Medical in the 3rd quarter valued at about $523,000. Intech Investment Management LLC grew its position in shares of Globus Medical by 291.3% in the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock worth $1,469,000 after buying an additional 15,283 shares during the last quarter. Kathmere Capital Management LLC bought a new position in shares of Globus Medical during the 4th quarter worth approximately $23,091,000. Finally, Quantbot Technologies LP purchased a new stake in Globus Medical during the third quarter valued at approximately $2,709,000. 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.