Truist Financial Cuts Globus Medical (NYSE:GMED) Price Target to $80.00

Globus Medical (NYSE:GMED) had its price target lowered by Truist Financial from $82.00 to $80.00 in a research report report published on Friday,Benzinga reports. Truist Financial currently has a hold rating on the medical device company’s stock.

Other research analysts have also recently issued reports about the stock. Wells Fargo & Company decreased their price objective on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Canaccord Genuity Group boosted their price target on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 10th. BTIG Research raised their price objective on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Roth Mkm increased their target price on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Finally, Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and raised their price target for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $96.91.

Globus Medical Price Performance

GMED stock opened at $72.75 on Friday. Globus Medical has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The stock has a market capitalization of $10.01 billion, a price-to-earnings ratio of 97.00, a PEG ratio of 1.61 and a beta of 1.28. The business’s fifty day moving average price is $77.20 and its two-hundred day moving average price is $80.07.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The business had revenue of $657.29 million for the quarter, compared to analyst estimates of $646.19 million. Research analysts expect that Globus Medical will post 3.44 EPS for the current year.

Institutional Trading of Globus Medical

Institutional investors have recently modified their holdings of the business. American Century Companies Inc. grew its position in shares of Globus Medical by 255.9% in the 4th quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company’s stock valued at $8,588,000 after buying an additional 74,659 shares during the last quarter. Oak Thistle LLC acquired a new stake in Globus Medical during the 4th quarter valued at approximately $376,000. bLong Financial LLC bought a new position in Globus Medical during the 4th quarter worth approximately $397,000. Kathmere Capital Management LLC acquired a new position in shares of Globus Medical in the 4th quarter worth approximately $23,091,000. Finally, HB Wealth Management LLC bought a new stake in shares of Globus Medical in the 4th quarter valued at $301,000. Institutional investors own 95.16% of the company’s stock.

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.