Globus Medical (NYSE:GMED) Hits New 12-Month High Following Strong Earnings

Globus Medical, Inc. (NYSE:GMED) hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $64.73 and last traded at $63.20, with a volume of 2360412 shares traded. The stock had previously closed at $51.36.

The medical device company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.17. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business had revenue of $606.67 million during the quarter, compared to analysts’ expectations of $586.82 million. During the same quarter last year, the business posted $0.53 earnings per share. The company’s quarterly revenue was up 119.3% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GMED. Truist Financial increased their target price on shares of Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Wednesday. Piper Sandler raised their price target on shares of Globus Medical from $55.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday. BTIG Research lifted their price target on shares of Globus Medical from $60.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday. Finally, 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. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $66.60.

Insider Buying and Selling at Globus Medical

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

Institutional Investors Weigh In On Globus Medical

Hedge funds and other institutional investors have recently modified their holdings of the company. DekaBank Deutsche Girozentrale bought a new stake in Globus Medical during the third quarter worth $28,000. YHB Investment Advisors Inc. bought a new position in shares of Globus Medical during the 1st quarter valued at $50,000. Allworth Financial LP increased its stake in Globus Medical by 25.7% in the 4th quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after purchasing an additional 254 shares during the period. Mather Group LLC. bought a new stake in Globus Medical in the first quarter valued at approximately $69,000. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Globus Medical by 122.8% during the third quarter. Nisa Investment Advisors LLC now owns 1,493 shares of the medical device company’s stock valued at $74,000 after purchasing an additional 823 shares during the period. Institutional investors own 95.16% of the company’s stock.

Globus Medical Trading Up 20.0 %

The firm’s 50 day moving average is $52.50 and its 200 day moving average is $51.26. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.88 and a quick ratio of 2.72. The company has a market capitalization of $8.34 billion, a PE ratio of 52.66, a P/E/G ratio of 1.53 and a beta of 1.11.

Globus Medical Company Profile

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.