Globus Medical’s (GMED) “Underweight” Rating Reaffirmed at Barclays PLC
Globus Medical, Inc. (NYSE:GMED)‘s stock had its “underweight” rating restated by investment analysts at Barclays PLC in a research report issued to clients and investors on Wednesday. They presently have a $28.00 target price on the medical device company’s stock, down from their prior target price of $30.00. Barclays PLC’s price target would indicate a potential downside of 4.89% from the stock’s current price.
GMED has been the subject of several other research reports. Zacks Investment Research downgraded Globus Medical from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Leerink Swann upgraded Globus Medical from a “market perform” rating to an “outperform” rating in a report on Wednesday, April 12th. Oppenheimer Holdings, Inc. set a $35.00 target price on Globus Medical and gave the company a “hold” rating in a report on Thursday, August 3rd. Canaccord Genuity upgraded Globus Medical from a “hold” rating to a “buy” rating and upped their target price for the company from $30.00 to $37.00 in a report on Thursday, May 4th. Finally, BidaskClub cut Globus Medical from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $30.43.
Globus Medical (GMED) opened at 29.44 on Wednesday. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 26.52 and a beta of 0.60. The stock has a 50 day moving average of $32.35 and a 200 day moving average of $30.04. Globus Medical has a 52 week low of $19.25 and a 52 week high of $34.03.
Globus Medical (NYSE:GMED) last released its quarterly earnings data on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.02. Globus Medical had a return on equity of 13.99% and a net margin of 18.12%. The company had revenue of $152.39 million during the quarter, compared to the consensus estimate of $150.94 million. During the same quarter in the prior year, the firm posted $0.29 earnings per share. The firm’s revenue was up 10.8% compared to the same quarter last year. Equities research analysts predict that Globus Medical will post $1.27 earnings per share for the current fiscal year.
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In other Globus Medical news, President Anthony L. Williams sold 16,153 shares of the stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $31.94, for a total transaction of $515,926.82. Following the transaction, the president now directly owns 16,153 shares in the company, valued at approximately $515,926.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 28.21% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of GMED. BlackRock Inc. boosted its position in 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 worth $218,812,000 after buying an additional 7,355,279 shares during the last quarter. Norges Bank acquired a new position in Globus Medical during the fourth quarter worth about $18,321,000. Marathon Asset Management LLP boosted its position in Globus Medical by 189.3% in the second quarter. Marathon Asset Management LLP now owns 773,700 shares of the medical device company’s stock worth $25,644,000 after buying an additional 506,241 shares during the last quarter. Blue Jay Capital Management LLC acquired a new position in Globus Medical during the first quarter worth about $11,848,000. Finally, Citadel Advisors LLC boosted its position in Globus Medical by 2,430.6% in the first quarter. Citadel Advisors LLC now owns 412,809 shares of the medical device company’s stock worth $12,227,000 after buying an additional 396,496 shares during the last quarter. Hedge funds and other institutional investors own 69.45% of the company’s stock.
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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