Globus Medical (GMED) Given “Buy” Rating at Cantor Fitzgerald
Globus Medical (NYSE:GMED)‘s stock had its “buy” rating reaffirmed by research analysts at Cantor Fitzgerald in a research report issued on Wednesday. They presently have a $65.00 target price on the medical device company’s stock. Cantor Fitzgerald’s target price would suggest a potential upside of 52.26% from the stock’s previous close.
The analysts wrote, “We reiterate our Overweight rating on GMED with a 12-month price target of $65. We think GMED has several top-line growth drivers, including a US core market rebound, early success of emerging technologies and traction of the acquired ATEC international platform. GMED’s best-in-class profitability allows the company to invest organically or inorganically to drive top-line growth and to react to the evolving trends of the spine market. These should bring the company back to the beat-and-raise philosophy of a couple of years ago and help to push the valuation higher.””
Other analysts have also issued reports about the company. UBS Group initiated coverage on Globus Medical in a research note on Wednesday, November 28th. They set a “neutral” rating and a $55.00 price objective on the stock. Morgan Stanley boosted their price objective on Globus Medical from $60.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, September 25th. ValuEngine lowered Globus Medical from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 28th. Zacks Investment Research lowered Globus Medical from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. Finally, Oppenheimer set a $61.00 price objective on Globus Medical and gave the company a “hold” rating in a research note on Friday, November 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. Globus Medical presently has an average rating of “Hold” and an average price target of $56.50.
Globus Medical (NYSE:GMED) last issued its earnings results on Thursday, November 8th. The medical device company reported $0.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.06. The firm had revenue of $169.20 million for the quarter, compared to analyst estimates of $167.47 million. Globus Medical had a return on equity of 15.36% and a net margin of 20.79%. The business’s revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.30 earnings per share. On average, equities research analysts predict that Globus Medical will post 1.62 EPS for the current year.
A number of institutional investors have recently bought and sold shares of GMED. Russell Investments Group Ltd. grew its position in Globus Medical by 44.9% during the second quarter. Russell Investments Group Ltd. now owns 82,655 shares of the medical device company’s stock worth $4,169,000 after buying an additional 25,607 shares in the last quarter. FMR LLC purchased a new position in Globus Medical during the second quarter worth about $46,806,000. NumerixS Investment Technologies Inc purchased a new position in Globus Medical during the second quarter worth about $125,000. Renaissance Technologies LLC grew its position in Globus Medical by 69.7% during the second quarter. Renaissance Technologies LLC now owns 854,900 shares of the medical device company’s stock worth $43,138,000 after buying an additional 351,100 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund grew its position in Globus Medical by 4.0% during the second quarter. Oregon Public Employees Retirement Fund now owns 28,161 shares of the medical device company’s stock worth $1,421,000 after buying an additional 1,071 shares in the last quarter. Institutional investors and hedge funds own 65.19% of the company’s stock.
Globus Medical Company Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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