Wells Fargo & Company Upgrades Globus Medical (NYSE:GMED) to Strong-Buy

Globus Medical (NYSE:GMED) was upgraded by stock analysts at Wells Fargo & Company to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Several other brokerages also recently issued reports on GMED. Barclays raised their price target on Globus Medical from $118.00 to $123.00 and gave the stock an “overweight” rating in a report on Wednesday, February 25th. Royal Bank Of Canada upped their price objective on Globus Medical from $92.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 17th. TD Cowen upgraded Globus Medical to a “strong-buy” rating in a research note on Tuesday, January 27th. Zacks Research raised shares of Globus Medical from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Finally, BTIG Research restated a “neutral” rating on shares of Globus Medical in a research report on Tuesday, December 30th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $104.36.

Globus Medical Stock Down 0.2%

Shares of NYSE:GMED opened at $86.38 on Wednesday. The company has a market cap of $11.68 billion, a PE ratio of 21.92, a P/E/G ratio of 2.03 and a beta of 1.05. Globus Medical has a fifty-two week low of $51.79 and a fifty-two week high of $101.40. The firm has a 50-day simple moving average of $90.27 and a 200 day simple moving average of $78.96.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.22. Globus Medical had a net margin of 18.30% and a return on equity of 12.57%. The firm had revenue of $826.42 million for the quarter, compared to analysts’ expectations of $803.29 million. During the same quarter last year, the company posted $0.84 earnings per share. Globus Medical’s revenue was up 25.7% on a year-over-year basis. As a group, research analysts forecast that Globus Medical will post 3.44 EPS for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other news, Director Leslie V. Norwalk sold 2,000 shares of Globus Medical stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total transaction of $202,200.00. Following the transaction, the director directly owned 10,419 shares in the company, valued at approximately $1,053,360.90. This trade represents a 16.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kyle Kline sold 3,594 shares of the business’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total value of $363,353.40. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 35,594 shares of company stock valued at $3,332,253. 18.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Globus Medical

Several hedge funds and other institutional investors have recently bought and sold shares of GMED. Invesco Ltd. grew its stake in shares of Globus Medical by 1,235.2% in the 4th quarter. Invesco Ltd. now owns 3,886,405 shares of the medical device company’s stock worth $339,322,000 after purchasing an additional 3,595,339 shares during the last quarter. Burgundy Asset Management Ltd. lifted its stake in Globus Medical by 24.3% during the second quarter. Burgundy Asset Management Ltd. now owns 3,481,438 shares of the medical device company’s stock valued at $205,474,000 after purchasing an additional 679,691 shares during the last quarter. Bank of Montreal Can boosted its holdings in Globus Medical by 15,317.1% during the fourth quarter. Bank of Montreal Can now owns 3,373,260 shares of the medical device company’s stock worth $294,519,000 after buying an additional 3,351,380 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in Globus Medical by 17.2% during the third quarter. William Blair Investment Management LLC now owns 2,819,165 shares of the medical device company’s stock worth $161,454,000 after buying an additional 414,134 shares in the last quarter. Finally, Sculptor Capital LP grew its position in Globus Medical by 31.9% in the second quarter. Sculptor Capital LP now owns 2,760,688 shares of the medical device company’s stock worth $162,936,000 after buying an additional 667,850 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

About Globus Medical

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.