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

Globus Medical, Inc. (NYSE:GMED) has received an average rating of “Moderate Buy” from the twelve ratings firms that are covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $94.00.

Several equities research analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Tuesday, March 18th. Stifel Nicolaus boosted their price target on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. StockNews.com upgraded Globus Medical from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. Piper Sandler decreased their target price on Globus Medical from $100.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, May 9th. Finally, Barclays upped their price target on Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 24th.

Institutional Trading of Globus Medical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its holdings 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 in the last quarter. Oak Thistle LLC purchased a new stake in Globus Medical in the fourth quarter valued at $376,000. bLong Financial LLC acquired a new position in Globus Medical in the fourth quarter valued at $397,000. HB Wealth Management LLC purchased a new position in shares of Globus Medical during the fourth quarter worth about $301,000. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Globus Medical during the fourth quarter worth about $1,190,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Up 6.0%

GMED stock opened at $61.29 on Friday. Globus Medical has a 52-week low of $54.48 and a 52-week high of $94.93. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of 81.72, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. The business has a fifty day moving average of $70.47 and a two-hundred day moving average of $79.34.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.06). The business had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.72 earnings per share. As a group, sell-side analysts anticipate that Globus Medical will post 3.44 EPS for the current year.

Globus Medical declared that its Board of Directors has initiated a share buyback plan on Thursday, May 15th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the medical device company to repurchase up to 6.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.