Globus Medical (NYSE:GMED – Free Report) The price target was raised by Royal Bank of Canada from $76.00 to $78.00 in a report published Wednesday morning, Benzinga reports. The brokerage house currently rates the medical device manufacturer’s stock as “outperform.”
GMED has been the subject of a number of other reports. Truist Financial raised their price target on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday. Piper Sandler upgraded shares of Globus Medical from a neutral rating to an “overweight” rating and raised their price target for the company from $60.00 to $80.00 in a research report on Monday, May 20th. BTIG Research raised their price target on shares of Globus Medical from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Morgan Stanley raised their price target on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Finally, Needham & Company LLC reiterated a “hold” rating on the stock in a research report on Wednesday. Four research analysts have rated the stock with a “hold” rating and eight have given a “buy” rating. According to MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.00.
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Price development of Globus Medical shares
Globus Medical stock traded down $0.72 on Wednesday, reaching $73.20. The company’s trading volume was 1,164,814 shares, compared to its average volume of 1,084,507. Globus Medical has a 12-month low of $43.38 and a 12-month high of $74.21. The stock’s 50-day moving average price is $69.16 and its 200-day moving average price is $60.06. The company has a market cap of $9.91 billion, a price-to-earnings ratio of 114.38, a PEG ratio of 1.95 and a beta of 1.15.
Globus Medical (NYSE:GMED – Get Free Report) last announced its quarterly results on Tuesday, August 6. The medical device company reported earnings per share (EPS) of $0.75 for the quarter, beating the consensus estimate of $0.68 by $0.07. The company had revenue of $629.69 million for the quarter, compared to analyst expectations of $615.33 million. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The company’s quarterly revenue grew 115.9% compared to the year-ago quarter. During the same period last year, the company generated earnings per share of $0.63. As a group, research analysts expect Globus Medical to report earnings per share of $2.82 for the current year.
Insider activities at Globus Medical
In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of Globus Medical stock in a transaction that occurred on Thursday, July 11. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the sale, the director now directly owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 18.54% of the shares are currently owned by company insiders.
Institutional trading of Globus Medical
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Old West Investment Management LLC increased its stake in Globus Medical by 8.0% in the second quarter. Old West Investment Management LLC now owns 122,196 shares of the medical device maker’s stock worth $8,369,000 after buying an additional 9,005 shares in the last quarter. Montag & Caldwell LLC increased its stake in Globus Medical by 30.5% in the second quarter. Montag & Caldwell LLC now owns 19,374 shares of the medical device maker’s stock worth $1,327,000 after buying an additional 4,528 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Globus Medical by 5.2% in the second quarter. Envestnet Asset Management Inc. now owns 266,207 shares of the medical device maker’s stock valued at $18,232,000 after acquiring an additional 13,221 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Globus Medical by 13.9% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 25,110 shares of the medical device maker’s stock valued at $1,720,000 after acquiring an additional 3,059 shares in the last quarter. Finally, Schiavi & Co LLC acquired a new stake in shares of Globus Medical in the 2nd quarter valued at about $205,000. Institutional investors own 95.16% of the company’s stock.
About Globus Medical
(Get free report)
Globus Medical, Inc., a medical device company, develops and markets health care solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products such as traditional fusion implants consisting of pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices to treat degenerative and congenital diseases, deformities, tumors, and trauma injuries; motion preservation technology treatment options consisting of dynamic stabilization, total disc replacement, and interspinal distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products consisting of allografts and synthetic alternatives.
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