Globus Medical (NYSE:GMED) Stock Rating Lowered by Wall Street Zen

Globus Medical (NYSE:GMED) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Friday.

GMED has been the topic of a number of other reports. Truist Financial cut their price target on Globus Medical from $80.00 to $68.00 and set a “hold” rating on the stock in a report on Monday, May 12th. JMP Securities reiterated a “market perform” rating on shares of Globus Medical in a report on Tuesday, May 27th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Canaccord Genuity Group cut their target price on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, July 22nd. Finally, Barclays reiterated an “overweight” rating on shares of Globus Medical in a report on Tuesday, June 10th. Eight research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $87.64.

Globus Medical Stock Performance

Globus Medical stock opened at $60.55 on Friday. The stock has a market capitalization of $8.18 billion, a price-to-earnings ratio of 23.29, a PEG ratio of 1.69 and a beta of 1.16. Globus Medical has a 52-week low of $51.79 and a 52-week high of $94.93. The stock’s 50 day moving average price is $57.83 and its two-hundred day moving average price is $64.54.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.10. The firm had revenue of $745.34 million for the quarter, compared to analysts’ expectations of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.75 EPS. On average, equities research analysts forecast that Globus Medical will post 3.44 EPS for the current year.

Globus Medical announced that its board has approved a share repurchase plan on Thursday, May 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the medical device company to repurchase up to 6.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Globus Medical

A number of institutional investors and hedge funds have recently bought and sold shares of GMED. Ameriprise Financial Inc. raised its position in Globus Medical by 13.1% in the 4th quarter. Ameriprise Financial Inc. now owns 141,849 shares of the medical device company’s stock valued at $11,732,000 after buying an additional 16,479 shares during the last quarter. Captrust Financial Advisors raised its position in Globus Medical by 15.7% in the 4th quarter. Captrust Financial Advisors now owns 23,735 shares of the medical device company’s stock valued at $1,963,000 after buying an additional 3,215 shares during the last quarter. Centiva Capital LP raised its position in Globus Medical by 16.1% in the 4th quarter. Centiva Capital LP now owns 6,572 shares of the medical device company’s stock valued at $544,000 after buying an additional 911 shares during the last quarter. Cetera Investment Advisers raised its position in Globus Medical by 13.9% in the 4th quarter. Cetera Investment Advisers now owns 8,263 shares of the medical device company’s stock valued at $683,000 after buying an additional 1,008 shares during the last quarter. Finally, Crestline Management LP purchased a new stake in Globus Medical in the 4th quarter valued at $680,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.