Globus Medical (NYSE:GMED) Upgraded to “Buy” at Truist Financial

Globus Medical (NYSE:GMED) was upgraded by research analysts at Truist Financial from a “hold” rating to a “buy” rating in a note issued to investors on Friday, Marketbeat.com reports. The brokerage currently has a $93.00 price objective on the medical device company’s stock, up from their previous price objective of $65.00. Truist Financial’s price target indicates a potential upside of 14.50% from the company’s current price.

GMED has been the topic of several other reports. Stifel Nicolaus initiated coverage on Globus Medical in a research note on Tuesday, October 28th. They issued a “hold” rating and a $64.00 price target on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Globus Medical in a research report on Wednesday, October 8th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Monday, July 21st. Wall Street Zen cut shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Finally, Wells Fargo & Company dropped their target price on shares of Globus Medical from $76.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Eight equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $86.27.

Globus Medical Price Performance

GMED traded up $19.51 during trading on Friday, hitting $81.22. 5,379,578 shares of the stock traded hands, compared to its average volume of 1,423,626. Globus Medical has a 12-month low of $51.79 and a 12-month high of $94.93. The firm has a 50-day moving average of $59.38 and a 200 day moving average of $59.91. The firm has a market capitalization of $10.97 billion, a P/E ratio of 31.42, a price-to-earnings-growth ratio of 1.68 and a beta of 1.15.

Globus Medical (NYSE:GMED) last announced its earnings results on Thursday, November 6th. The medical device company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.39. The company had revenue of $769.05 million during the quarter, compared to the consensus estimate of $734.58 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The firm’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.83 earnings per share. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. As a group, equities analysts predict that Globus Medical will post 3.44 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ann D. Rhoads sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $58.46, for a total value of $584,600.00. Following the transaction, the director directly owned 25,384 shares of the company’s stock, valued at approximately $1,483,948.64. The trade was a 28.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 18.51% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its position in shares of Globus Medical by 74.3% during the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after purchasing an additional 197 shares in the last quarter. Advisors Asset Management Inc. bought a new stake in Globus Medical in the 2nd quarter worth approximately $28,000. First Horizon Corp bought a new stake in Globus Medical in the third quarter worth $31,000. Larson Financial Group LLC grew its stake in shares of Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock worth $32,000 after buying an additional 393 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Globus Medical during the 3rd quarter valued at about $36,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

About Globus Medical

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.