Globus Medical (NYSE:GMED) Rating Increased to Buy at Wall Street Zen

Globus Medical (NYSE:GMED) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

GMED has been the topic of a number of other reports. Canaccord Genuity Group decreased their price target on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, July 22nd. Piper Sandler decreased their price target on Globus Medical from $100.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, May 9th. Morgan Stanley decreased their price target on Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 15th. JMP Securities reaffirmed a “market perform” rating on shares of Globus Medical in a research note on Tuesday, May 27th. Finally, Barclays reaffirmed an “overweight” rating on shares of Globus Medical in a research note on Tuesday, June 10th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Globus Medical presently has a consensus rating of “Moderate Buy” and an average price target of $87.64.

Globus Medical Price Performance

Shares of NYSE GMED opened at $58.84 on Friday. Globus Medical has a one year low of $51.79 and a one year high of $94.93. The firm’s 50 day simple moving average is $57.08 and its two-hundred day simple moving average is $68.60. The stock has a market capitalization of $7.97 billion, a P/E ratio of 22.63, a PEG ratio of 1.58 and a beta of 1.20.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.10. Globus Medical had a net margin of 13.58% and a return on equity of 10.77%. The business had revenue of $745.34 million for the quarter, compared to analysts’ expectations of $738.91 million. During the same period last year, the business earned $0.75 earnings per share. The business’s quarterly revenue was up 18.4% on a year-over-year basis. As a group, equities analysts expect that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Globus Medical announced that its Board of Directors has authorized a share buyback program on Thursday, May 15th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the medical device company to repurchase up to 6.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Globus Medical

Large investors have recently made changes to their positions in the business. Invesco Ltd. boosted its position in shares of Globus Medical by 331.9% during the first quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company’s stock valued at $147,949,000 after purchasing an additional 1,553,154 shares in the last quarter. RTW Investments LP bought a new stake in shares of Globus Medical during the fourth quarter valued at approximately $80,394,000. Iron Triangle Partners LP bought a new stake in shares of Globus Medical during the fourth quarter valued at approximately $69,808,000. Polar Capital Holdings Plc bought a new stake in shares of Globus Medical during the fourth quarter valued at approximately $63,762,000. Finally, Nuveen LLC bought a new stake in shares of Globus Medical during the first quarter valued at approximately $54,669,000. 95.16% of the stock is currently owned by institutional investors.

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.