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

Globus Medical, Inc. (NYSE:GMED) has received a consensus rating of “Moderate Buy” from the nine research firms that are presently covering the company, MarketBeat Ratings reports. Three equities research 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 a report on the stock in the last year is $66.33.

Several equities research analysts recently commented on GMED shares. Truist Financial boosted their price target on Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. Stifel Nicolaus upped their price target on Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 target price on shares of Globus Medical in a research note on Thursday, January 11th. Finally, BTIG Research upgraded Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Monday, March 18th.

Globus Medical Price Performance

NYSE GMED opened at $50.27 on Tuesday. The stock’s 50-day moving average price is $52.46 and its two-hundred day moving average price 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 company has a market cap of $6.81 billion, a PE ratio of 42.97, a PEG ratio of 1.53 and a beta of 1.11. Globus Medical has a 1 year low of $43.38 and a 1 year high of $62.88.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, February 20th. The medical device company reported $0.60 earnings per share 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 for the quarter, compared to analysts’ expectations of $608.21 million. During the same quarter in the previous year, the business posted $0.59 EPS. The business’s revenue for the quarter was up 124.6% on a year-over-year basis. On average, analysts predict that Globus Medical will post 2.69 EPS for the current year.

Insider Transactions at Globus Medical

In related news, Director Leslie V. Norwalk sold 10,590 shares of Globus Medical stock in a transaction that occurred on 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 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 SEC, which is accessible through the SEC website. 24.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Globus Medical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Globus Medical by 49.7% in the 3rd quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock valued at $558,339,000 after acquiring an additional 3,732,959 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Globus Medical by 16.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,010,932 shares of the medical device company’s stock worth $53,873,000 after buying an additional 141,492 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Globus Medical by 854.5% during the 4th quarter. SG Americas Securities LLC now owns 160,338 shares of the medical device company’s stock worth $8,544,000 after buying an additional 143,540 shares in the last quarter. Leeward Investments LLC MA grew its position in Globus Medical by 14.5% during the 4th quarter. Leeward Investments LLC MA now owns 174,141 shares of the medical device company’s stock worth $9,280,000 after acquiring an additional 22,022 shares during the last quarter. Finally, Sector Gamma AS bought a new stake in Globus Medical during the 3rd quarter worth $11,014,000. 95.16% of the stock is owned by institutional investors and hedge funds.

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.