Globus Medical’s (GMED) Buy Rating Reiterated at Gabelli
A number of other equities research analysts have also weighed in on GMED. Oppenheimer Holdings, Inc. set a $35.00 price objective on shares of Globus Medical and gave the stock a hold rating in a report on Thursday. Barclays PLC restated an underweight rating and issued a $28.00 price objective (down from $30.00) on shares of Globus Medical in a report on Thursday. BidaskClub lowered shares of Globus Medical from a hold rating to a sell rating in a report on Wednesday, August 2nd. Zacks Investment Research upgraded shares of Globus Medical from a hold rating to a buy rating and set a $36.00 price objective for the company in a report on Friday, May 5th. Finally, Morgan Stanley restated an equal weight rating on shares of Globus Medical in a report on Tuesday, July 11th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $30.43.
Shares of Globus Medical (NYSE:GMED) traded down 0.64% during trading on Friday, reaching $29.40. 43,064 shares of the company traded hands. Globus Medical has a 12-month low of $19.25 and a 12-month high of $34.03. The stock has a market capitalization of $2.83 billion, a PE ratio of 26.49 and a beta of 0.60. The firm’s 50-day moving average is $32.60 and its 200-day moving average is $30.04.
Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.02. The firm had revenue of $152.39 million during the quarter, compared to analyst estimates of $150.94 million. Globus Medical had a net margin of 18.12% and a return on equity of 13.99%. The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.29 EPS. On average, equities analysts predict that Globus Medical will post $1.27 earnings per share for the current fiscal year.
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In related news, President Anthony L. Williams sold 16,153 shares of Globus Medical stock in a transaction on Monday, June 5th. The shares were sold at an average price of $31.94, for a total value of $515,926.82. Following the transaction, the president now directly owns 16,153 shares of the company’s stock, valued at $515,926.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 28.21% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of GMED. BlackRock Inc. increased its position in shares of Globus Medical by 22,983.1% in the first quarter. BlackRock Inc. now owns 7,387,282 shares of the medical device company’s stock valued at $218,812,000 after buying an additional 7,355,279 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Globus Medical by 4.5% in the first quarter. Vanguard Group Inc. now owns 5,635,698 shares of the medical device company’s stock valued at $166,929,000 after buying an additional 240,257 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Globus Medical by 2.3% in the first quarter. Bank of New York Mellon Corp now owns 2,629,315 shares of the medical device company’s stock valued at $77,878,000 after buying an additional 58,811 shares during the last quarter. State Street Corp increased its position in shares of Globus Medical by 3.6% in the first quarter. State Street Corp now owns 2,246,728 shares of the medical device company’s stock valued at $66,545,000 after buying an additional 77,604 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Globus Medical by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,831,360 shares of the medical device company’s stock valued at $54,244,000 after buying an additional 44,421 shares during the last quarter. 69.45% of the stock is currently owned by institutional investors.
About Globus Medical
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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