Truist Financial Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED) had its price objective lifted by equities researchers at Truist Financial from $85.00 to $90.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the medical device company’s stock. Truist Financial’s price objective indicates a potential upside of 6.16% from the company’s current price.

Other equities analysts have also issued reports about the company. Piper Sandler upped their target price on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Bank of America increased their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group boosted their target price on shares of Globus Medical from $85.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. BTIG Research increased their price target on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Finally, Stifel Nicolaus upped their price objective on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.55.

Globus Medical Trading Up 1.6 %

NYSE:GMED traded up $1.36 during trading hours on Wednesday, hitting $84.78. The stock had a trading volume of 97,177 shares, compared to its average volume of 989,765. The company has a market cap of $11.54 billion, a PE ratio of 126.54, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19. The business has a 50 day simple moving average of $79.31 and a two-hundred day simple moving average of $73.10. Globus Medical has a 1-year low of $49.33 and a 1-year high of $87.22.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million during 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 business’s revenue was up 63.1% on a year-over-year basis. During the same period last year, the business earned $0.57 EPS. Research analysts expect that Globus Medical will post 2.97 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kelly Huller sold 2,500 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $87.00, for a total transaction of $217,500.00. The disclosure for this sale can be found here. Insiders sold a total of 97,500 shares of company stock worth $7,674,950 in the last three months. 18.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC purchased a new position in Globus Medical during the second quarter valued at approximately $611,000. Quest Partners LLC purchased a new position in shares of Globus Medical during the 3rd quarter valued at $523,000. Intech Investment Management LLC raised its holdings in shares of Globus Medical by 291.3% during the third quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock worth $1,469,000 after acquiring an additional 15,283 shares in the last quarter. Quantbot Technologies LP bought a new stake in Globus Medical in the third quarter worth $2,709,000. Finally, AXA S.A. increased its position in Globus Medical by 0.5% during the second quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after buying an additional 7,443 shares during the last quarter. Hedge funds and other 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.