Globus Medical, Inc. (NYSE:GMED) Downgraded by BidaskClub
Globus Medical, Inc. (NYSE:GMED) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Wednesday.
Several other equities analysts have also recently weighed in on GMED. Zacks Investment Research cut Globus Medical from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Leerink Swann upgraded Globus Medical from a “market perform” rating to an “outperform” rating in a research report on Wednesday, April 12th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Globus Medical in a research report on Thursday, May 18th. Canaccord Genuity upgraded Globus Medical from a “hold” rating to a “buy” rating and lifted their price target for the company from $30.00 to $37.00 in a research report on Thursday, May 4th. Finally, Barclays PLC reiterated a “sell” rating and issued a $30.00 price target on shares of Globus Medical in a research report on Monday, May 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $30.43.
Globus Medical (NYSE:GMED) traded up 1.13% during mid-day trading on Wednesday, reaching $29.59. The company had a trading volume of 714,978 shares. The stock has a 50-day moving average of $32.60 and a 200 day moving average of $30.04. The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of 26.66 and a beta of 0.60. Globus Medical has a 12-month low of $19.25 and a 12-month high of $34.03.
Globus Medical (NYSE:GMED) last released its earnings results on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.02. Globus Medical had a return on equity of 14.15% and a net margin of 18.09%. The business had revenue of $152.39 million during the quarter, compared to the consensus estimate of $150.94 million. During the same period last year, the business posted $0.29 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, analysts expect that Globus Medical will post $1.27 EPS for the current year.
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In related news, President Anthony L. Williams sold 16,153 shares of the business’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $31.94, for a total transaction of $515,926.82. Following the transaction, the president now owns 16,153 shares in the company, valued at approximately $515,926.82. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 28.21% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Virginia Retirement Systems ET AL increased its position in Globus Medical by 110.1% in the first quarter. Virginia Retirement Systems ET AL now owns 81,300 shares of the medical device company’s stock worth $2,408,000 after buying an additional 42,600 shares during the period. FMR LLC purchased a new position in Globus Medical during the fourth quarter worth $11,909,000. Municipal Employees Retirement System of Michigan increased its position in Globus Medical by 1.7% in the first quarter. Municipal Employees Retirement System of Michigan now owns 33,330 shares of the medical device company’s stock worth $987,000 after buying an additional 560 shares during the period. Legato Capital Management LLC increased its position in Globus Medical by 2,862.0% in the first quarter. Legato Capital Management LLC now owns 55,774 shares of the medical device company’s stock worth $1,883,000 after buying an additional 53,891 shares during the period. Finally, Geode Capital Management LLC increased its position in Globus Medical by 12.8% in the first quarter. Geode Capital Management LLC now owns 750,463 shares of the medical device company’s stock worth $22,228,000 after buying an additional 84,912 shares during the period. Institutional investors own 69.53% of the company’s stock.
About Globus Medical
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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