Globus Medical, Inc. (GMED) Stock Rating Reaffirmed by Canaccord Genuity
Globus Medical, Inc. (NYSE:GMED)‘s stock had its “buy” rating reissued by investment analysts at Canaccord Genuity in a note issued to investors on Friday. They presently have a $37.00 target price on the medical device company’s stock. Canaccord Genuity’s price objective would indicate a potential upside of 22.88% from the company’s current price.
Several other research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Globus Medical from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Globus Medical in a research note on Thursday, May 18th. Barclays PLC lowered shares of Globus Medical from an “equal weight” rating to an “underweight” rating and lifted their price objective for the stock from $24.00 to $28.00 in a research note on Monday, April 24th. BidaskClub lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Finally, Morgan Stanley reissued an “equal weight” rating on shares of Globus Medical in a research note on Tuesday, July 11th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. Globus Medical has a consensus rating of “Hold” and a consensus price target of $30.43.
Shares of Globus Medical (NYSE GMED) opened at 30.11 on Friday. Globus Medical has a 12-month low of $19.25 and a 12-month high of $34.03. The stock’s 50 day moving average is $31.24 and its 200-day moving average is $30.27. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of 27.13 and a beta of 0.60.
Globus Medical (NYSE:GMED) last issued its earnings results on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.02. The company had revenue of $152.39 million for 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 company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 EPS. On average, analysts anticipate that Globus Medical will post $1.27 EPS for the current fiscal year.
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In other Globus Medical news, President Anthony L. Williams sold 16,153 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $31.94, for a total transaction of $515,926.82. Following the sale, the president now directly owns 16,153 shares in the company, valued at approximately $515,926.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 28.21% of the company’s stock.
A number of hedge funds have recently made changes to their positions in GMED. BlackRock Inc. increased its stake in shares of Globus Medical by 0.8% in the second quarter. BlackRock Inc. now owns 7,448,420 shares of the medical device company’s stock valued at $246,914,000 after buying an additional 61,138 shares during the period. Vanguard Group Inc. increased its stake in shares of Globus Medical by 1.4% in the second quarter. Vanguard Group Inc. now owns 5,712,043 shares of the medical device company’s stock valued at $189,355,000 after buying an additional 76,345 shares during the period. Janus Henderson Group PLC increased its stake in shares of Globus Medical by 260.0% in the second quarter. Janus Henderson Group PLC now owns 2,683,312 shares of the medical device company’s stock valued at $88,952,000 after buying an additional 1,938,039 shares during the period. Bank of New York Mellon Corp increased its stake 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 period. Finally, State Street Corp increased its stake in shares of Globus Medical by 5.8% in the second quarter. State Street Corp now owns 2,376,667 shares of the medical device company’s stock valued at $78,789,000 after buying an additional 129,939 shares during the period. Hedge funds and other institutional investors own 69.35% 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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