Globus Medical Inc. (GMED) Receives Consensus Recommendation of “Hold” from Brokerages
Globus Medical Inc. (NYSE:GMED) has earned an average recommendation of “Hold” from the fourteen research firms that are currently covering the company. Three research analysts have rated the stock with a sell recommendation, nine have given a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $24.70.
Several brokerages have recently issued reports on GMED. Zacks Investment Research cut Globus Medical from a “hold” rating to a “sell” rating in a research note on Wednesday, September 28th. Canaccord Genuity lowered Globus Medical from a “buy” rating to a “hold” rating and dropped their target price for the stock from $30.00 to $28.00 in a report on Wednesday, July 27th. Barclays PLC dropped their target price on Globus Medical from $26.00 to $25.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 27th. Morgan Stanley lowered Globus Medical from an “overweight” rating to an “equal weight” rating in a report on Wednesday, July 27th. Finally, Oppenheimer Holdings Inc. set a $29.00 target price on Globus Medical and gave the stock a “buy” rating in a report on Wednesday, July 27th.
Globus Medical (NYSE:GMED) opened at 20.65 on Thursday. The stock has a market capitalization of $1.98 billion, a PE ratio of 16.93 and a beta of 0.62. The company has a 50-day moving average price of $22.42 and a 200-day moving average price of $23.40. Globus Medical has a 12-month low of $19.25 and a 12-month high of $28.60.
Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, November 8th. The medical device company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. Globus Medical had a return on equity of 14.92% and a net margin of 21.20%. The firm earned $135.70 million during the quarter, compared to analysts’ expectations of $139.25 million. During the same period last year, the business posted $0.28 earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. Analysts expect that Globus Medical will post $1.20 earnings per share for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in GMED. Gotham Asset Management LLC increased its position in Globus Medical by 17.9% in the third quarter. Gotham Asset Management LLC now owns 732,178 shares of the medical device company’s stock valued at $16,525,000 after buying an additional 111,077 shares during the period. The Manufacturers Life Insurance Company purchased a new position in Globus Medical during the third quarter valued at $2,904,000. Analytic Investors LLC increased its position in Globus Medical by 71.7% in the third quarter. Analytic Investors LLC now owns 20,545 shares of the medical device company’s stock valued at $464,000 after buying an additional 8,576 shares during the period. Two Sigma Advisers LP increased its position in Globus Medical by 516.9% in the third quarter. Two Sigma Advisers LP now owns 76,500 shares of the medical device company’s stock valued at $1,727,000 after buying an additional 64,100 shares during the period. Finally, SECOR Capital Advisors LP increased its position in Globus Medical by 11.0% in the third quarter. SECOR Capital Advisors LP now owns 43,088 shares of the medical device company’s stock valued at $972,000 after buying an additional 4,261 shares during the period. Institutional investors and hedge funds own 93.68% of the company’s stock.
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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