Globus Medical Inc. (NYSE:GMED) Given Average Rating of “Hold” by Brokerages
Shares of Globus Medical Inc. (NYSE:GMED) have received an average recommendation of “Hold” from the thirteen research firms that are currently covering the firm. Three research analysts have rated the stock with a sell recommendation, five have given a hold recommendation and five have given a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $26.11.
GMED has been the subject of several analyst reports. Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $29.00 price objective on shares of Globus Medical in a research note on Saturday, June 25th. Wells Fargo & Co. downgraded Globus Medical from an “outperform” rating to a “market perform” rating and set a $23.00 price target on the stock. in a report on Wednesday, July 27th. Zacks Investment Research upgraded Globus Medical from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th. Leerink Swann downgraded Globus Medical from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $29.00 to $27.00 in a report on Wednesday, July 27th. Finally, Morgan Stanley reduced their price target on Globus Medical from $28.00 to $25.00 and set an “equal weight” rating on the stock in a report on Thursday, July 28th.
In other news, insider A Brett Murphy sold 107,692 shares of Globus Medical stock in a transaction on Friday, August 5th. The stock was sold at an average price of $23.37, for a total value of $2,516,762.04. Following the transaction, the insider now directly owns 190,917 shares in the company, valued at approximately $4,461,730.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 27.93% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisor Group Inc. bought a new position in shares of Globus Medical during the second quarter worth about $112,000. BNP Paribas Arbitrage SA increased its position in shares of Globus Medical by 85.1% in the second quarter. BNP Paribas Arbitrage SA now owns 4,852 shares of the medical device company’s stock worth $116,000 after buying an additional 2,231 shares in the last quarter. BlackRock Inc. increased its position in shares of Globus Medical by 146.4% in the first quarter. BlackRock Inc. now owns 4,998 shares of the medical device company’s stock worth $119,000 after buying an additional 2,970 shares in the last quarter. Invictus RG bought a new position in shares of Globus Medical during the second quarter worth about $128,000. Finally, C M Bidwell & Associates Ltd. bought a new position in shares of Globus Medical during the first quarter worth about $152,000. Institutional investors and hedge funds own 95.05% of the company’s stock.
Globus Medical (NYSE:GMED) traded down 1.199% during midday trading on Thursday, reaching $22.655. The company’s stock had a trading volume of 236,390 shares. The firm has a 50 day moving average price of $22.85 and a 200-day moving average price of $23.69. Globus Medical has a 12-month low of $21.15 and a 12-month high of $28.60. The company has a market cap of $2.17 billion, a P/E ratio of 18.570 and a beta of 0.61.
Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, July 26th. The medical device company reported $0.29 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.29. The business earned $137.49 million during the quarter, compared to analyst estimates of $141.78 million. Globus Medical had a return on equity of 15.43% and a net margin of 21.19%. The firm’s revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts predict that Globus Medical will post $1.20 earnings per share for the current fiscal year.
Globus Medical Company Profile
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.
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