Globus Medical (NYSE:GMED) Price Target Raised to $78.00

by · The Markets Daily

Globus Medical (NYSE:GMED – Free Report) had its price objective boosted by BTIG Research from $77.00 to $78.00 in a report published on Monday, Benzinga reports. The brokerage currently has a buy rating on the medical device company’s stock.

Several other research firms have also recently weighed in on GMED. Royal Bank of Canada lifted their price objective on Globus Medical from $78.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Barclays increased their price objective on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Truist Financial boosted their target price on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, Morgan Stanley increased 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. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Globus Medical has an average rating of “Moderate Buy” and a consensus price target of $77.50.

Get Our Latest Research Report on Globus Medical

Globus Medical Stock Performance

GMED opened at $74.85 on Monday. The stock has a market capitalization of $10.13 billion, a PE ratio of 116.95, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. The stock’s 50 day moving average price is $70.71 and its 200-day moving average price is $65.79. Globus Medical has a 52-week low of $43.38 and a 52-week high of $75.98.

Globus Medical (NYSE:GMED – Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business had revenue of $629.69 million for the quarter, compared to the consensus estimate of $615.33 million. During the same period in the previous year, the firm earned $0.63 EPS. The company’s quarterly revenue was up 115.9% compared to the same quarter last year. Research analysts forecast that Globus Medical will post 2.84 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 18.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Globus Medical

A number of institutional investors and hedge funds have recently made changes to their positions in GMED. Wellington Management Group LLP boosted its stake in shares of Globus Medical by 9.5% during the 4th quarter. Wellington Management Group LLP now owns 2,912,454 shares of the medical device company’s stock worth $155,205,000 after acquiring an additional 252,510 shares during the last quarter. Vanguard Group Inc. raised its holdings in Globus Medical by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock worth $600,990,000 after purchasing an additional 32,220 shares during the period. HighPoint Advisor Group LLC purchased a new position in Globus Medical during the fourth quarter valued at $201,000. Moody National Bank Trust Division bought a new stake in Globus Medical during the first quarter valued at about $233,000. Finally, Juncture Wealth Strategies LLC purchased a new stake in Globus Medical in the first quarter worth about $362,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Company Profile

(Get Free Report)

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.

Featured Stories