BTIG Research reaffirmed their neutral rating on shares of Globus Medical (NYSE:GMED) in a research report report published on Monday. BTIG Research currently has a $37.00 price target on the medical device company’s stock.
A number of other brokerages have also issued reports on GMED. Canaccord Genuity restated a buy rating and issued a $53.00 target price on shares of Globus Medical in a research note on Monday, March 12th. Zacks Investment Research lowered Globus Medical from a buy rating to a hold rating in a research note on Tuesday, March 13th. Oppenheimer set a $49.00 target price on Globus Medical and gave the stock a hold rating in a research note on Thursday, February 22nd. Leerink Swann restated an outperform rating and issued a $60.00 target price (up previously from $56.00) on shares of Globus Medical in a research note on Wednesday, March 28th. Finally, Morgan Stanley set a $53.00 price objective on Globus Medical and gave the company a buy rating in a research note on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. Globus Medical presently has an average rating of Buy and a consensus price target of $50.00.
Shares of GMED stock opened at $49.95 on Monday. The firm has a market capitalization of $4,882.41, a P/E ratio of 38.38, a PEG ratio of 2.81 and a beta of 0.42. Globus Medical has a 1 year low of $27.79 and a 1 year high of $52.18.
Globus Medical (NYSE:GMED) last issued its earnings results on Wednesday, February 21st. The medical device company reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.03. The company had revenue of $176.03 million during the quarter, compared to analyst estimates of $175.50 million. Globus Medical had a return on equity of 13.93% and a net margin of 16.88%. The firm’s quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the business posted $0.31 EPS. analysts forecast that Globus Medical will post 1.5 earnings per share for the current fiscal year.
In related news, VP Daniel T. Scavilla sold 100,000 shares of Globus Medical stock in a transaction dated Tuesday, April 10th. The stock was sold at an average price of $50.00, for a total value of $5,000,000.00. Following the completion of the transaction, the vice president now owns 18,210 shares in the company, valued at approximately $910,500. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO David M. Demski sold 50,891 shares of Globus Medical stock in a transaction dated Friday, April 13th. The shares were sold at an average price of $51.00, for a total value of $2,595,441.00. Following the completion of the transaction, the chief executive officer now owns 152,701 shares of the company’s stock, valued at approximately $7,787,751. The disclosure for this sale can be found here. Insiders have sold a total of 174,891 shares of company stock valued at $8,795,441 in the last quarter. Company insiders own 28.21% of the company’s stock.
Several institutional investors have recently made changes to their positions in GMED. Macquarie Group Ltd. purchased a new position in shares of Globus Medical in the 3rd quarter valued at about $187,000. Legal & General Group Plc increased its stake in shares of Globus Medical by 9.6% in the 3rd quarter. Legal & General Group Plc now owns 61,027 shares of the medical device company’s stock valued at $1,813,000 after purchasing an additional 5,323 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Globus Medical by 13.5% in the 3rd quarter. Wells Fargo & Company MN now owns 654,213 shares of the medical device company’s stock valued at $19,444,000 after purchasing an additional 77,819 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Globus Medical by 7.1% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 346,775 shares of the medical device company’s stock valued at $10,307,000 after purchasing an additional 22,922 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Globus Medical by 1.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,843,340 shares of the medical device company’s stock valued at $54,784,000 after purchasing an additional 32,034 shares in the last quarter. Hedge funds and other institutional investors own 65.85% of the company’s stock.
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Globus Medical Company Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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