Globus Medical Inc (NYSE:GMED) reached a new 52-week high and low during trading on Wednesday . The stock traded as low as $53.00 and last traded at $52.89, with a volume of 11091 shares traded. The stock had previously closed at $52.51.
Several research firms have recently commented on GMED. Zacks Investment Research cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Friday, May 4th. Oppenheimer set a $52.00 target price on shares of Globus Medical and gave the stock a “hold” rating in a research report on Thursday, May 3rd. Morgan Stanley lifted their price target on shares of Globus Medical from $53.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, May 3rd. Needham & Company LLC lifted their price target on shares of Globus Medical from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, May 3rd. Finally, ValuEngine raised shares of Globus Medical from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $51.56.
The stock has a market cap of $5.15 billion, a PE ratio of 37.47, a PEG ratio of 2.83 and a beta of 0.42.
Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Wednesday, May 2nd. The medical device company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.05. Globus Medical had a net margin of 18.05% and a return on equity of 14.51%. The company had revenue of $174.41 million during the quarter, compared to analysts’ expectations of $167.95 million. During the same period last year, the company posted $0.32 EPS. Globus Medical’s revenue was up 11.9% on a year-over-year basis. equities analysts anticipate that Globus Medical Inc will post 1.52 EPS for the current fiscal year.
In other Globus Medical news, VP Eric Schwartz sold 24,000 shares of Globus Medical stock in a transaction dated Wednesday, March 28th. The shares were sold at an average price of $50.00, for a total value of $1,200,000.00. Following the completion of the transaction, the vice president now directly owns 24,000 shares of the company’s stock, valued at $1,200,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $5,000,000.00. Following the completion of the transaction, the vice president now directly owns 18,210 shares of the company’s stock, valued at $910,500. The disclosure for this sale can be found here. Insiders sold 1,876,004 shares of company stock valued at $96,809,327 over the last ninety days. Corporate insiders own 28.44% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Allianz Asset Management GmbH purchased a new position in Globus Medical in the first quarter worth about $6,537,000. Principal Financial Group Inc. raised its holdings in Globus Medical by 3.3% in the first quarter. Principal Financial Group Inc. now owns 362,540 shares of the medical device company’s stock worth $18,062,000 after buying an additional 11,481 shares during the last quarter. CIBC World Markets Inc. purchased a new position in Globus Medical in the first quarter worth about $239,000. Xact Kapitalforvaltning AB raised its holdings in Globus Medical by 51.0% in the first quarter. Xact Kapitalforvaltning AB now owns 10,960 shares of the medical device company’s stock worth $546,000 after buying an additional 3,700 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings in Globus Medical by 11.2% in the first quarter. Legal & General Group Plc now owns 71,530 shares of the medical device company’s stock worth $3,563,000 after buying an additional 7,215 shares during the last quarter. 62.82% of the stock is owned by institutional investors and hedge funds.
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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