Globus Medical’s (GMED) “Buy” Rating Reaffirmed at Truist Financial

Truist Financial restated their buy rating on shares of Globus Medical (NYSE:GMED) in a report published on Tuesday,Benzinga reports. Truist Financial currently has a $105.00 price target on the medical device company’s stock, up from their previous price target of $93.00.

GMED has been the topic of several other reports. Wells Fargo & Company upped their price objective on shares of Globus Medical from $66.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Stifel Nicolaus began coverage on shares of Globus Medical in a research report on Tuesday, October 28th. They issued a “hold” rating and a $64.00 price target on the stock. Barclays upped their price target on shares of Globus Medical from $106.00 to $114.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. Royal Bank Of Canada lifted their price objective on shares of Globus Medical from $88.00 to $92.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. Finally, Wall Street Zen upgraded Globus Medical from a “buy” rating to a “strong-buy” rating in a research report on Sunday. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and an average price target of $89.91.

Globus Medical Trading Down 0.3%

Globus Medical stock opened at $83.39 on Tuesday. The business’s 50 day simple moving average is $63.27 and its 200 day simple moving average is $60.46. Globus Medical has a 12 month low of $51.79 and a 12 month high of $94.93. The company has a market cap of $11.16 billion, a price-to-earnings ratio of 32.07, a PEG ratio of 1.68 and a beta of 1.15.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, November 6th. The medical device company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.39. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The business had revenue of $769.05 million during the quarter, compared to the consensus estimate of $734.58 million. During the same period last year, the business posted $0.83 earnings per share. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. As a group, equities research analysts forecast that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Globus Medical news, Director David D. Davidar sold 25,000 shares of the firm’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $86.00, for a total value of $2,150,000.00. Following the completion of the transaction, the director directly owned 516,275 shares of the company’s stock, valued at $44,399,650. This trade represents a 4.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen T. Zarrilli sold 25,000 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $84.29, for a total transaction of $2,107,250.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 70,000 shares of company stock worth $5,659,850 in the last three months. 18.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Globus Medical

Institutional investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC bought a new stake in shares of Globus Medical during the 3rd quarter valued at about $26,000. EverSource Wealth Advisors LLC raised its stake in Globus Medical by 74.3% in the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after purchasing an additional 197 shares in the last quarter. Advisors Asset Management Inc. bought a new stake in Globus Medical during the second quarter valued at approximately $28,000. First Horizon Corp purchased a new position in Globus Medical in the 3rd quarter worth approximately $31,000. Finally, Larson Financial Group LLC grew its stake in Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock worth $32,000 after buying an additional 393 shares in the last quarter. 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.