Canaccord Genuity Group Issues Positive Forecast for Globus Medical (NYSE:GMED) Stock Price

Globus Medical (NYSE:GMED) had its price objective increased by Canaccord Genuity Group from $79.00 to $85.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the medical device company’s stock.

A number of other research firms also recently issued reports on GMED. Wells Fargo & Company lifted their price target on shares of Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday. BTIG Research boosted their target price on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Barclays raised their price target on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Bank of America boosted their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday. Finally, Stifel Nicolaus increased their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $87.09.

Globus Medical Price Performance

Globus Medical stock opened at $80.88 on Wednesday. The stock’s 50 day moving average price is $72.28 and its 200 day moving average price is $68.46. Globus Medical has a 1-year low of $43.38 and a 1-year high of $84.87. The company has a market cap of $10.95 billion, a PE ratio of 120.72, a price-to-earnings-growth ratio of 2.19 and a beta of 1.17.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.57 EPS. On average, equities research analysts anticipate that Globus Medical will post 2.97 EPS for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other news, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Kelly Huller sold 5,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 110,000 shares of company stock worth $8,512,850. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GMED. Select Equity Group L.P. acquired a new position in Globus Medical during the second quarter worth approximately $91,711,000. Millennium Management LLC grew its stake in shares of Globus Medical by 1,171.5% during the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after buying an additional 1,256,570 shares during the period. Magnetar Financial LLC increased its holdings in shares of Globus Medical by 198.6% during the 1st quarter. Magnetar Financial LLC now owns 1,689,287 shares of the medical device company’s stock worth $90,613,000 after buying an additional 1,123,540 shares during the last quarter. Motley Fool Asset Management LLC raised its position in shares of Globus Medical by 1,263.7% in the 1st quarter. Motley Fool Asset Management LLC now owns 848,164 shares of the medical device company’s stock worth $45,496,000 after buying an additional 785,970 shares during the period. Finally, Burgundy Asset Management Ltd. boosted its holdings in Globus Medical by 46.1% in the first quarter. Burgundy Asset Management Ltd. now owns 2,479,837 shares of the medical device company’s stock valued at $133,018,000 after acquiring an additional 782,285 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.