Zacks Investment Research downgraded shares of Globus Medical (NYSE:GMED) from a buy rating to a hold rating in a report published on Tuesday.

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. “

A number of other equities research analysts also recently issued reports on the stock. ValuEngine downgraded shares of Globus Medical from a buy rating to a hold rating in a research note on Friday, January 4th. Morgan Stanley downgraded shares of Globus Medical from an overweight rating to an equal weight rating and decreased their price target for the company from $64.00 to $49.00 in a research note on Wednesday, January 2nd. Credit Suisse Group started coverage on shares of Globus Medical in a research note on Monday, December 17th. They set an outperform rating and a $53.00 price target on the stock. UBS Group started coverage on shares of Globus Medical in a research note on Wednesday, November 28th. They issued a neutral rating and a $55.00 target price on the stock. Finally, Cantor Fitzgerald set a $65.00 target price on shares of Globus Medical and gave the company a buy rating in a research note on Tuesday, November 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $56.50.

Globus Medical stock traded down $0.68 during mid-day trading on Tuesday, reaching $42.18. 23,725 shares of the company’s stock traded hands, compared to its average volume of 990,724. The company has a market cap of $4.20 billion, a price-to-earnings ratio of 32.15, a PEG ratio of 2.03 and a beta of 0.73. Globus Medical has a 12-month low of $38.01 and a 12-month high of $57.83.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, November 8th. The medical device company reported $0.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.06. The company had revenue of $169.20 million for the quarter, compared to the consensus estimate of $167.47 million. Globus Medical had a net margin of 20.79% and a return on equity of 15.36%. Globus Medical’s revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.30 earnings per share. As a group, sell-side analysts anticipate that Globus Medical will post 1.62 EPS for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its holdings in Globus Medical by 2.8% during the 3rd quarter. BlackRock Inc. now owns 9,456,276 shares of the medical device company’s stock worth $536,739,000 after acquiring an additional 254,550 shares in the last quarter. Vanguard Group Inc. grew its holdings in Globus Medical by 3.4% during the 3rd quarter. Vanguard Group Inc. now owns 6,735,494 shares of the medical device company’s stock worth $382,306,000 after acquiring an additional 219,780 shares in the last quarter. Vanguard Group Inc grew its holdings in Globus Medical by 3.4% during the 3rd quarter. Vanguard Group Inc now owns 6,735,494 shares of the medical device company’s stock worth $382,306,000 after acquiring an additional 219,780 shares in the last quarter. AQR Capital Management LLC grew its holdings in Globus Medical by 7.6% during the 3rd quarter. AQR Capital Management LLC now owns 2,395,569 shares of the medical device company’s stock worth $135,972,000 after acquiring an additional 169,823 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Globus Medical by 3.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,336,716 shares of the medical device company’s stock worth $75,872,000 after acquiring an additional 44,951 shares in the last quarter. 65.19% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.

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