Globus Medical (NYSE:GMED) Hits New 12-Month High Following Strong Earnings

Shares of Globus Medical, Inc. (NYSE:GMED) reached a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $64.73 and last traded at $63.20, with a volume of 2360412 shares traded. The stock had previously closed at $51.36.

The medical device company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.55 by $0.17. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The business had revenue of $606.67 million during the quarter, compared to analysts’ expectations of $586.82 million. During the same period last year, the company posted $0.53 earnings per share. The firm’s quarterly revenue was up 119.3% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Wednesday. Stifel Nicolaus lifted their target price on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and set a $70.00 target price on shares of Globus Medical in a research report on Thursday, January 11th. Truist Financial raised their price target on Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Finally, BTIG Research upgraded Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Monday, March 18th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $67.00.

Insider Transactions at Globus Medical

In other news, Director Leslie V. Norwalk sold 10,590 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the completion of the transaction, the director now directly owns 17,419 shares in the company, valued at approximately $905,613.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 24.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Globus Medical

Several institutional investors have recently modified their holdings of GMED. DekaBank Deutsche Girozentrale acquired a new stake in shares of Globus Medical in the 3rd quarter valued at about $28,000. YHB Investment Advisors Inc. bought a new stake in Globus Medical in the 1st quarter valued at approximately $50,000. Allworth Financial LP grew its stake in shares of Globus Medical by 25.7% during the 4th quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after acquiring an additional 254 shares in the last quarter. Mather Group LLC. acquired a new stake in shares of Globus Medical in the first quarter valued at approximately $69,000. Finally, Nisa Investment Advisors LLC boosted its holdings in Globus Medical by 122.8% during the third quarter. Nisa Investment Advisors LLC now owns 1,493 shares of the medical device company’s stock worth $74,000 after purchasing an additional 823 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Up 24.7 %

The firm’s 50 day simple moving average is $52.36 and its 200-day simple moving average is $51.19. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $8.67 billion, a price-to-earnings ratio of 54.19, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11.

About Globus Medical

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.