Globus Medical, Inc. (GMED) Price Target Lowered to $27.00 at Barclays PLC
Globus Medical, Inc. (NYSE:GMED) had its price target trimmed by Barclays PLC from $28.00 to $27.00 in a report issued on Thursday morning. The brokerage currently has an underweight rating on the medical device company’s stock.
Other equities research analysts have also recently issued research reports about the stock. BidaskClub upgraded shares of Globus Medical from a buy rating to a strong-buy rating in a research report on Thursday, June 22nd. Morgan Stanley reiterated an equal weight rating on shares of Globus Medical in a research report on Tuesday, July 11th. Oppenheimer Holdings, Inc. set a $35.00 price target on shares of Globus Medical and gave the stock a hold rating in a research report on Thursday, August 3rd. Gabelli reiterated a buy rating on shares of Globus Medical in a research report on Friday, August 4th. Finally, Zacks Investment Research cut shares of Globus Medical from a hold rating to a sell rating in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $30.57.
Shares of Globus Medical (NYSE GMED) traded up 1.59% during mid-day trading on Thursday, hitting $30.65. 420,381 shares of the stock were exchanged. The company’s 50-day moving average is $29.96 and its 200-day moving average is $30.87. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 27.61 and a beta of 0.56. Globus Medical has a 1-year low of $19.25 and a 1-year high of $34.03.
Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Wednesday, August 2nd. The medical device company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.30 by $0.02. Globus Medical had a net margin of 18.12% and a return on equity of 13.99%. The company had revenue of $152.39 million during the quarter, compared to analysts’ expectations of $150.94 million. During the same quarter in the previous year, the company earned $0.29 EPS. Globus Medical’s revenue was up 10.8% on a year-over-year basis. Equities research analysts anticipate that Globus Medical will post $1.27 earnings per share for the current fiscal year.
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In related news, insider A Brett Murphy sold 15,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $29.99, for a total transaction of $449,850.00. Following the transaction, the insider now owns 101,217 shares of the company’s stock, valued at approximately $3,035,497.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 28.21% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in GMED. First Trust Advisors LP bought a new position in Globus Medical in the first quarter valued at approximately $229,000. UBS Asset Management Americas Inc. lifted its stake in Globus Medical by 30.3% in the first quarter. UBS Asset Management Americas Inc. now owns 201,635 shares of the medical device company’s stock valued at $5,972,000 after buying an additional 46,857 shares in the last quarter. Karp Capital Management Corp bought a new position in Globus Medical in the first quarter valued at approximately $435,000. Ameriprise Financial Inc. lifted its stake in Globus Medical by 10.6% in the first quarter. Ameriprise Financial Inc. now owns 233,963 shares of the medical device company’s stock valued at $6,945,000 after buying an additional 22,468 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Globus Medical by 22.1% in the first quarter. Victory Capital Management Inc. now owns 4,590 shares of the medical device company’s stock valued at $136,000 after buying an additional 830 shares in the last quarter. 65.40% of the stock is currently owned by hedge funds and other institutional investors.
Globus Medical Company Profile
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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