Globus Medical, Inc. (NYSE:GMED) Given Average Rating of “Hold” by Brokerages

Globus Medical, Inc. (NYSE:GMED – Get Rating) has received a consensus rating of “Hold” from the twelve research firms that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $69.88.

A number of equities research analysts have recently issued reports on GMED shares. Bank of America lowered Globus Medical from a “buy” rating to an “underperform” rating and dropped their price target for the company from $83.00 to $63.00 in a research report on Monday, February 13th. BTIG Research lowered Globus Medical from a “buy” rating to a “neutral” rating in a research report on Thursday, February 9th. Loop Capital lowered Globus Medical from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $90.00 to $70.00 in a research report on Friday, February 10th. Wells Fargo & Company dropped their price objective on Globus Medical from $67.00 to $61.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 22nd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $67.00 price objective on shares of Globus Medical in a research note on Tuesday, March 28th.

Insiders Place Their Bets

In other news, Director Dan Lemaitre sold 43,450 shares of the company’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $56.98, for a total transaction of $2,475,781.00. Following the completion of the sale, the director now directly owns 10,800 shares in the company, valued at approximately $615,384. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 24.41% of the company’s stock.

Institutional Trading of Globus Medical

Several large investors have recently added to or reduced their stakes in the stock. Benjamin Edwards Inc. lifted its position in shares of Globus Medical by 51.9% during the fourth quarter. Benjamin Edwards Inc. now owns 439 shares of the medical device company’s stock worth $33,000 after purchasing an additional 150 shares during the last quarter. Financial Gravity Asset Management Inc. bought a new position in shares of Globus Medical during the third quarter worth about $197,000. Rothschild Investment Corp IL lifted its position in shares of Globus Medical by 3.9% during the fourth quarter. Rothschild Investment Corp IL now owns 4,793 shares of the medical device company’s stock worth $356,000 after purchasing an additional 180 shares during the last quarter. Arizona State Retirement System lifted its position in shares of Globus Medical by 0.9% during the fourth quarter. Arizona State Retirement System now owns 21,739 shares of the medical device company’s stock worth $1,615,000 after purchasing an additional 190 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its holdings in Globus Medical by 1.0% in the fourth quarter. Louisiana State Employees Retirement System now owns 20,700 shares of the medical device company’s stock worth $1,537,000 after acquiring an additional 200 shares during the last quarter. 74.23% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Trading Up 1.2 %

NYSE GMED opened at $56.86 on Tuesday. The stock has a market capitalization of $5.70 billion, a price-to-earnings ratio of 28.86, a PEG ratio of 1.90 and a beta of 1.06. Globus Medical has a twelve month low of $50.92 and a twelve month high of $80.04. The stock has a 50-day moving average of $56.25 and a 200 day moving average of $64.56.

Globus Medical (NYSE:GMED – Get Rating) last released its quarterly earnings results on Thursday, May 4th. The medical device company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.02. Globus Medical had a return on equity of 12.26% and a net margin of 18.82%. The company had revenue of $276.90 million during the quarter, compared to analysts’ expectations of $254.05 million. During the same quarter in the prior year, the firm posted $0.42 EPS. Globus Medical’s quarterly revenue was up 20.1% compared to the same quarter last year. Equities analysts predict that Globus Medical will post 2.33 EPS for the current fiscal year.

Globus Medical Company Profile

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Globus Medical, Inc operates as a medical device company that develops and commercializes healthcare solutions. The firm engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.