Globus Medical’s (GMED) Buy Rating Reaffirmed at Canaccord Genuity
Canaccord Genuity restated their buy rating on shares of Globus Medical, Inc. (NYSE:GMED) in a research report sent to investors on Thursday. The firm currently has a $38.00 price target on the medical device company’s stock.
GMED has been the subject of a number of other reports. BidaskClub upgraded shares of Globus Medical from a sell rating to a hold rating in a report on Saturday, October 7th. Oppenheimer Holdings, Inc. reiterated a hold rating on shares of Globus Medical in a report on Wednesday, August 30th. Zacks Investment Research upgraded shares of Globus Medical from a sell rating to a hold rating in a report on Wednesday, July 12th. Piper Jaffray Companies reiterated a buy rating on shares of Globus Medical in a report on Thursday, October 19th. Finally, Barclays PLC increased their target price on shares of Globus Medical from $27.00 to $29.00 and gave the stock an underweight rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $34.00.
Shares of Globus Medical (GMED) opened at $35.94 on Thursday. The firm has a market cap of $3,460.70, a PE ratio of 28.75, a PEG ratio of 2.70 and a beta of 0.55. Globus Medical has a 1-year low of $20.52 and a 1-year high of $35.96.
Globus Medical (NYSE:GMED) last posted its earnings results on Wednesday, November 8th. The medical device company reported $0.30 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.30. The company had revenue of $151.74 million during the quarter, compared to analyst estimates of $150.73 million. Globus Medical had a net margin of 17.54% and a return on equity of 13.67%. Globus Medical’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.29 earnings per share. analysts expect that Globus Medical will post 1.27 EPS for the current fiscal year.
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In related news, insider A Brett Murphy sold 15,000 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $29.99, for a total value of $449,850.00. Following the completion of the transaction, the insider now directly owns 101,217 shares of the company’s stock, valued at $3,035,497.83. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 28.21% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in 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 increased its stake in shares of Globus Medical by 260.0% during the second quarter. Janus Henderson Group PLC now owns 2,683,312 shares of the medical device company’s stock valued at $88,952,000 after purchasing an additional 1,938,039 shares in the last quarter. American Century Companies Inc. bought a new position in shares of Globus Medical during the third quarter valued at approximately $24,126,000. Nuance Investments LLC increased its stake in shares of Globus Medical by 207.5% during the third quarter. Nuance Investments LLC now owns 776,919 shares of the medical device company’s stock valued at $23,090,000 after purchasing an additional 524,248 shares in the last quarter. Finally, Marathon Asset Management LLP increased its stake in shares of Globus Medical by 189.3% during the second quarter. Marathon Asset Management LLP now owns 773,700 shares of the medical device company’s stock valued at $25,644,000 after purchasing an additional 506,241 shares in the last quarter. 65.46% of the stock is owned by institutional investors.
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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