Globus Medical (GMED) Upgraded at Morgan Stanley

Globus Medical (NYSE:GMED) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Tuesday, January 2nd, Marketbeat reports. The brokerage currently has a $48.00 price objective on the medical device company’s stock. Morgan Stanley’s price target would indicate a potential upside of 8.35% from the stock’s previous close.

GMED has been the topic of several other research reports. BidaskClub upgraded shares of Globus Medical from a “sell” rating to a “hold” rating in a research note on Saturday, October 7th. Wells Fargo & Co upgraded shares of Globus Medical from a “market perform” rating to an “outperform” rating and set a $46.00 target price on the stock in a research note on Monday, December 4th. Zacks Investment Research upgraded shares of Globus Medical from a “sell” rating to a “hold” rating in a research note on Friday, November 10th. Canaccord Genuity reiterated a “buy” rating and issued a $38.00 price target on shares of Globus Medical in a report on Friday, September 22nd. Finally, Piper Jaffray Companies reiterated a “buy” rating on shares of Globus Medical in a report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $40.57.

Shares of Globus Medical (GMED) opened at $44.30 on Tuesday. Globus Medical has a 1-year low of $25.66 and a 1-year high of $46.51. The company has a market cap of $4,270.00, a PE ratio of 40.27, a price-to-earnings-growth ratio of 3.11 and a beta of 0.56.

Globus Medical (NYSE:GMED) last posted its earnings results on Wednesday, November 8th. The medical device company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. Globus Medical had a net margin of 17.54% and a return on equity of 13.67%. The business had revenue of $151.74 million during the quarter, compared to the consensus estimate of $150.73 million. During the same quarter in the previous year, the firm posted $0.29 EPS. The firm’s revenue was up 11.9% on a year-over-year basis. analysts forecast that Globus Medical will post 1.27 EPS for the current fiscal year.

In other Globus Medical news, Director David D. Davidar sold 55,383 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $40.66, for a total transaction of $2,251,872.78. Following the transaction, the director now owns 752,236 shares in the company, valued at approximately $30,585,915.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Steven Payne sold 3,076 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $39.30, for a total transaction of $120,886.80. Following the transaction, the chief accounting officer now owns 23,847 shares in the company, valued at approximately $937,187.10. The disclosure for this sale can be found here. Insiders have sold 124,908 shares of company stock valued at $4,747,975 in the last three months. 28.21% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Globus Medical by 0.3% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 10,538 shares of the medical device company’s stock valued at $349,000 after purchasing an additional 31 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Globus Medical by 1.2% during the second quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock valued at $100,000 after purchasing an additional 35 shares in the last quarter. Advisor Group Inc. lifted its holdings in Globus Medical by 2.0% during the second quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock valued at $114,000 after purchasing an additional 68 shares in the last quarter. 1st Global Advisors Inc. lifted its stake in shares of Globus Medical by 1.2% in the second quarter. 1st Global Advisors Inc. now owns 11,308 shares of the medical device company’s stock worth $375,000 after buying an additional 130 shares in the last quarter. Finally, Citigroup Inc. lifted its stake in shares of Globus Medical by 2.8% in the second quarter. Citigroup Inc. now owns 5,950 shares of the medical device company’s stock worth $197,000 after buying an additional 161 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This report was originally reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this report on another publication, it was illegally stolen and republished in violation of international copyright & trademark law. The correct version of this report can be viewed at https://www.dispatchtribunal.com/2018/01/11/globus-medical-gmed-stock-rating-upgraded-by-morgan-stanley.html.

About Globus Medical

Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.

Analyst Recommendations for Globus Medical (NYSE:GMED)

Receive News & Ratings for Globus Medical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globus Medical and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply