Globus Medical, Inc. (GMED) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Globus Medical, Inc. (NYSE:GMED) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “Globus Medical, Inc. is a medical device company focused on the design, development and commercialization of products that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: innovative fusion or disruptive technologies. Its innovative fusion products address a broad range of spinal fusion surgical procedures. Its disruptive technology products include minimally invasive surgical, motion preservation and advanced biomaterials technologies. Globus Medical, Inc. is based in Audubon, Pennsylvania. “
Several other research firms also recently commented on GMED. Canaccord Genuity upgraded shares of Globus Medical from a hold rating to a buy rating and upped their price target for the company from $30.00 to $37.00 in a research report on Thursday, May 4th. Oppenheimer Holdings, Inc. set a $32.00 price objective on shares of Globus Medical and gave the stock a hold rating in a research report on Thursday, May 4th. Barclays PLC reiterated a sell rating and issued a $30.00 price target on shares of Globus Medical in a report on Friday, May 5th. BidaskClub upgraded shares of Globus Medical from a buy rating to a strong-buy rating in a report on Thursday, June 22nd. Finally, Morgan Stanley reiterated an equal weight rating on shares of Globus Medical in a report on Tuesday, July 11th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Globus Medical has an average rating of Hold and a consensus target price of $30.43.
Globus Medical (GMED) opened at 30.32 on Tuesday. Globus Medical has a 52 week low of $19.25 and a 52 week high of $34.03. The company has a market capitalization of $2.92 billion, a P/E ratio of 27.32 and a beta of 0.61. The firm has a 50-day moving average of $30.50 and a 200-day moving average of $30.49.
Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.02. Globus Medical had a net margin of 18.12% and a return on equity of 13.99%. The firm had revenue of $152.39 million during the quarter, compared to analysts’ expectations of $150.94 million. During the same quarter in the previous year, the business posted $0.29 earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. Analysts anticipate that Globus Medical will post $1.27 EPS for the current fiscal year.
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In related news, President Anthony L. Williams sold 16,153 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $31.94, for a total value of $515,926.82. Following the transaction, the president now owns 16,153 shares in the company, valued at $515,926.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 28.21% of the company’s stock.
Several hedge funds have recently bought and sold shares of GMED. BlackRock Inc. raised its stake in Globus Medical by 22,983.1% in the first quarter. BlackRock Inc. now owns 7,387,282 shares of the medical device company’s stock worth $218,812,000 after buying an additional 7,355,279 shares in the last quarter. Janus Henderson Group PLC raised its stake in Globus Medical by 260.0% in the second quarter. Janus Henderson Group PLC now owns 2,683,312 shares of the medical device company’s stock worth $88,952,000 after buying an additional 1,938,039 shares in the last quarter. Marathon Asset Management LLP raised its stake in Globus Medical by 189.3% in the second quarter. Marathon Asset Management LLP now owns 773,700 shares of the medical device company’s stock worth $25,644,000 after buying an additional 506,241 shares in the last quarter. Koch Industries Inc. raised its stake in Globus Medical by 3,950.6% in the second quarter. Koch Industries Inc. now owns 479,431 shares of the medical device company’s stock worth $465,000 after buying an additional 467,595 shares in the last quarter. Finally, Blue Jay Capital Management LLC purchased a new stake in Globus Medical during the first quarter worth about $11,848,000. Institutional investors own 65.80% 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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