Globus Medical (GMED) PT Raised to $65.00 at Leerink Swann

Globus Medical (NYSE:GMED) had its target price lifted by analysts at Leerink Swann from $61.00 to $65.00 in a research report issued to clients and investors on Friday, The Fly reports. The brokerage presently has an “outperform” rating on the medical device company’s stock. Leerink Swann’s price target indicates a potential upside of 25.34% from the stock’s current price.

A number of other equities research analysts have also recently commented on the company. Morgan Stanley increased their target price on Globus Medical from $60.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, September 25th. Zacks Investment Research cut Globus Medical from a “buy” rating to a “hold” rating in a report on Tuesday, July 31st. Oppenheimer set a $57.00 target price on Globus Medical and gave the company a “hold” rating in a report on Thursday, August 2nd. Needham & Company LLC increased their target price on Globus Medical from $58.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 2nd. Finally, Piper Jaffray Companies increased their target price on Globus Medical to $62.00 and gave the company an “overweight” rating in a report on Friday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Globus Medical has a consensus rating of “Buy” and a consensus price target of $56.00.

GMED opened at $51.86 on Friday. The company has a market capitalization of $5.64 billion, a P/E ratio of 35.46, a PEG ratio of 2.94 and a beta of 0.65. Globus Medical has a 1-year low of $34.45 and a 1-year high of $57.83.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, November 8th. The medical device company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.06. The business had revenue of $169.20 million for the quarter, compared to analysts’ expectations of $167.47 million. Globus Medical had a return on equity of 15.77% and a net margin of 20.79%. The company’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.30 EPS. Analysts expect that Globus Medical will post 1.62 earnings per share for the current year.

In other Globus Medical news, Chairman David C. Paul sold 707,191 shares of the stock in a transaction on Monday, September 24th. The stock was sold at an average price of $54.01, for a total transaction of $38,195,385.91. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 28.44% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. lifted its stake in shares of Globus Medical by 44.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 82,655 shares of the medical device company’s stock worth $4,169,000 after purchasing an additional 25,607 shares during the period. Sei Investments Co. lifted its stake in shares of Globus Medical by 28.2% during the 2nd quarter. Sei Investments Co. now owns 48,546 shares of the medical device company’s stock worth $2,449,000 after purchasing an additional 10,681 shares during the period. Argent Capital Management LLC lifted its stake in shares of Globus Medical by 8.8% during the 2nd quarter. Argent Capital Management LLC now owns 92,960 shares of the medical device company’s stock worth $4,691,000 after purchasing an additional 7,550 shares during the period. MetLife Investment Advisors LLC lifted its stake in shares of Globus Medical by 2.5% during the 2nd quarter. MetLife Investment Advisors LLC now owns 78,832 shares of the medical device company’s stock worth $3,978,000 after purchasing an additional 1,942 shares during the period. Finally, Oregon Public Employees Retirement Fund lifted its stake in shares of Globus Medical by 4.0% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 28,161 shares of the medical device company’s stock worth $1,421,000 after purchasing an additional 1,071 shares during the period. 63.95% of the stock is currently owned by institutional investors.

About Globus Medical

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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