Globus Medical, Inc. (NYSE:GMED) Receives Average Rating of “Moderate Buy” from Brokerages

Globus Medical, Inc. (NYSE:GMED) has been assigned a consensus rating of “Moderate Buy” from the nine research firms that are presently covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $66.33.

Several research firms have commented on GMED. Canaccord Genuity Group lifted their target price on shares of Globus Medical from $67.00 to $71.00 and gave the stock a “buy” rating in a research report on Wednesday, December 20th. BTIG Research raised shares of Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Monday, March 18th. Royal Bank of Canada restated an “outperform” rating and set a $70.00 price target on shares of Globus Medical in a research note on Thursday, January 11th. Stifel Nicolaus raised their price target on shares of Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Finally, Truist Financial raised their price target on shares of Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st.

Globus Medical Stock Performance

Shares of Globus Medical stock opened at $52.44 on Friday. 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 business has a 50-day moving average price of $53.32 and a two-hundred day moving average price of $51.31. Globus Medical has a 1-year low of $43.38 and a 1-year high of $62.88. The company has a market cap of $7.10 billion, a P/E ratio of 44.82, a PEG ratio of 1.56 and a beta of 1.08.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, February 20th. The medical device company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.59 by $0.01. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The company had revenue of $616.53 million during the quarter, compared to the consensus estimate of $608.21 million. During the same period last year, the business posted $0.59 EPS. The firm’s revenue for the quarter was up 124.6% compared to the same quarter last year. As a group, analysts anticipate that Globus Medical will post 2.69 EPS for the current year.

Insider Activity

In other news, Director Leslie V. Norwalk sold 10,590 shares of Globus Medical stock in a transaction on Friday, March 15th. The shares were sold at an average price of $51.99, for a total transaction of $550,574.10. Following the completion of the sale, the director now directly owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 24.30% of the company’s stock.

Institutional Trading of Globus Medical

Hedge funds have recently made changes to their positions in the stock. Quarry LP bought a new stake in Globus Medical in the first quarter worth $27,000. DekaBank Deutsche Girozentrale bought a new stake in Globus Medical in the third quarter worth $28,000. Advisory Services Network LLC lifted its stake in Globus Medical by 109.6% in the first quarter. Advisory Services Network LLC now owns 503 shares of the medical device company’s stock worth $28,000 after purchasing an additional 263 shares during the last quarter. Altshuler Shaham Ltd bought a new stake in Globus Medical in the fourth quarter worth $28,000. Finally, Harbor Investment Advisory LLC bought a new stake in Globus Medical in the third quarter worth $56,000. 95.16% of the stock is owned by 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.