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

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

Several other research firms have also recently commented on GMED. Barclays restated an “overweight” rating on shares of Globus Medical in a report on Tuesday, June 10th. Canaccord Genuity Group lowered their price target on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, July 22nd. BTIG Research restated a “neutral” rating on shares of Globus Medical in a report on Tuesday, May 27th. Wells Fargo & Company lowered their price target on shares of Globus Medical from $76.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Eight research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $87.64.

Globus Medical Stock Performance

NYSE GMED opened at $58.73 on Friday. Globus Medical has a twelve month low of $51.79 and a twelve month high of $94.93. The stock has a market cap of $7.93 billion, a price-to-earnings ratio of 22.59, a PEG ratio of 1.63 and a beta of 1.16. The firm’s 50 day moving average price is $57.78 and its two-hundred day moving average price is $63.89.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GMED. Ameriprise Financial Inc. lifted its position in Globus Medical by 13.1% during the 4th quarter. Ameriprise Financial Inc. now owns 141,849 shares of the medical device company’s stock worth $11,732,000 after acquiring an additional 16,479 shares during the last quarter. Cetera Investment Advisers raised its position in shares of Globus Medical by 13.9% during the fourth 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. Deutsche Bank AG raised its position in shares of Globus Medical by 3.1% during the fourth quarter. Deutsche Bank AG now owns 38,441 shares of the medical device company’s stock valued at $3,179,000 after buying an additional 1,157 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of Globus Medical by 87.5% during the fourth quarter. Nuveen Asset Management LLC now owns 636,345 shares of the medical device company’s stock valued at $52,632,000 after buying an additional 297,046 shares during the last quarter. Finally, Nomura Holdings Inc. acquired a new position in shares of Globus Medical during the fourth quarter valued at about $1,669,000. Institutional investors and hedge funds 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.