Globus Medical (NYSE:GMED) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Globus Medical (NYSE:GMED) from a hold rating to a buy rating in a research note released on Tuesday.

Several other analysts also recently issued reports on GMED. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Thursday, January 9th. Stifel Nicolaus boosted their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Wells Fargo & Company raised their price target on shares of Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Finally, Piper Sandler raised their target price on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Price Performance

NYSE:GMED opened at $92.92 on Tuesday. The company has a market cap of $12.65 billion, a P/E ratio of 138.69, a P/E/G ratio of 1.78 and a beta of 1.19. The firm’s fifty day moving average price is $85.31 and its two-hundred day moving average price is $76.99. Globus Medical has a one year low of $49.33 and a one year high of $93.67.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 EPS. As a group, equities research analysts expect that Globus Medical will post 2.98 earnings per share for the current year.

Insider Activity

In related news, SVP Kelly Huller sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 81,667 shares of company stock worth $6,674,554. Insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Coldstream Capital Management Inc. grew its holdings in shares of Globus Medical by 2.2% during the third quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock worth $447,000 after purchasing an additional 131 shares during the last quarter. Stephens Inc. AR boosted its position in Globus Medical by 3.4% during the 3rd quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock worth $303,000 after buying an additional 138 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Globus Medical by 2.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after acquiring an additional 140 shares during the period. Berry Wealth Group LP raised its stake in shares of Globus Medical by 5.1% during the fourth quarter. Berry Wealth Group LP now owns 3,409 shares of the medical device company’s stock valued at $282,000 after acquiring an additional 164 shares during the last quarter. Finally, Mather Group LLC. raised its stake in shares of Globus Medical by 16.3% during the fourth quarter. Mather Group LLC. now owns 1,356 shares of the medical device company’s stock valued at $112,000 after acquiring an additional 190 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.