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

Globus Medical, Inc. (NYSE:GMED) has received a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $87.6364.

GMED has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their price target on Globus Medical from $76.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. BTIG Research reissued a “neutral” rating on shares of Globus Medical in a report on Tuesday, May 27th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. 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 report on Tuesday, July 15th. Finally, Barclays reissued an “overweight” rating on shares of Globus Medical in a report on Tuesday, June 10th.

Insider Activity

In other news, Director Ann D. Rhoads sold 10,000 shares of Globus Medical stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $58.46, for a total value of $584,600.00. Following the sale, the director directly owned 25,384 shares of the company’s stock, valued at approximately $1,483,948.64. The trade was a 28.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 18.51% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Several large investors have recently made changes to their positions in GMED. Cetera Investment Advisers increased its holdings in shares of Globus Medical by 13.9% in the fourth quarter. Cetera Investment Advisers now owns 8,263 shares of the medical device company’s stock worth $683,000 after purchasing an additional 1,008 shares during the last quarter. Quantinno Capital Management LP increased its holdings in shares of Globus Medical by 20.2% in the fourth quarter. Quantinno Capital Management LP now owns 4,673 shares of the medical device company’s stock worth $387,000 after purchasing an additional 784 shares during the last quarter. ProShare Advisors LLC increased its stake in Globus Medical by 6.2% during the fourth quarter. ProShare Advisors LLC now owns 5,514 shares of the medical device company’s stock worth $456,000 after acquiring an additional 321 shares during the last quarter. Rafferty Asset Management LLC bought a new stake in Globus Medical during the fourth quarter worth approximately $215,000. Finally, Tidal Investments LLC increased its stake in Globus Medical by 19.6% during the fourth quarter. Tidal Investments LLC now owns 5,294 shares of the medical device company’s stock worth $438,000 after acquiring an additional 868 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Performance

NYSE GMED opened at $56.72 on Friday. The company has a market capitalization of $7.66 billion, a PE ratio of 21.82, a price-to-earnings-growth ratio of 1.54 and a beta of 1.16. The business’s fifty day moving average is $57.80 and its 200 day moving average is $63.28. Globus Medical has a fifty-two week low of $51.79 and a fifty-two week high of $94.93.

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

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.