Globus Medical, Inc. (NYSE:GMED) Given Average Recommendation of “Buy” by Brokerages

Globus Medical, Inc. (NYSE:GMEDGet Rating) has been assigned an average recommendation of “Buy” from the fourteen research firms that are covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $82.69.

Several equities research analysts have recently commented on GMED shares. StockNews.com began coverage on Globus Medical in a report on Thursday, March 31st. They issued a “hold” rating for the company. Credit Suisse Group cut their price target on Globus Medical from $95.00 to $91.00 and set an “outperform” rating for the company in a report on Friday, February 18th. Wells Fargo & Company cut their price target on Globus Medical from $80.00 to $70.00 in a report on Wednesday, May 11th. Morgan Stanley cut their price target on Globus Medical from $82.00 to $74.00 and set an “equal weight” rating for the company in a report on Tuesday, February 22nd. Finally, Needham & Company LLC dropped their target price on Globus Medical from $92.00 to $76.00 and set a “buy” rating for the company in a report on Friday, February 18th.

NYSE GMED opened at $61.90 on Tuesday. The stock has a fifty day moving average of $69.56 and a 200-day moving average of $69.12. The stock has a market capitalization of $6.29 billion, a P/E ratio of 45.51, a price-to-earnings-growth ratio of 2.69 and a beta of 1.11. Globus Medical has a 52 week low of $57.21 and a 52 week high of $84.23.

Globus Medical (NYSE:GMEDGet Rating) last posted its earnings results on Tuesday, May 10th. The medical device company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.04). The business had revenue of $230.55 million for the quarter, compared to the consensus estimate of $232.88 million. Globus Medical had a return on equity of 11.95% and a net margin of 14.77%. Globus Medical’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.49 earnings per share. As a group, equities research analysts forecast that Globus Medical will post 2.1 earnings per share for the current year.

In other Globus Medical news, Director David D. Davidar sold 31,500 shares of the business’s stock in a transaction that occurred on Tuesday, April 19th. The shares were sold at an average price of $78.03, for a total value of $2,457,945.00. Following the completion of the transaction, the director now owns 601,275 shares of the company’s stock, valued at approximately $46,917,488.25. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director James R. Tobin sold 10,000 shares of the stock in a transaction that occurred on Thursday, March 10th. The shares were sold at an average price of $70.04, for a total transaction of $700,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,000 shares of company stock worth $3,347,295. 16.50% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the company. Signaturefd LLC boosted its stake in shares of Globus Medical by 93.8% during the 1st quarter. Signaturefd LLC now owns 345 shares of the medical device company’s stock valued at $25,000 after purchasing an additional 167 shares in the last quarter. Tyler Stone Wealth Management purchased a new position in shares of Globus Medical in the 4th quarter valued at approximately $25,000. Covestor Ltd purchased a new stake in Globus Medical in the fourth quarter worth $30,000. Spire Wealth Management raised its holdings in Globus Medical by 183.5% in the first quarter. Spire Wealth Management now owns 499 shares of the medical device company’s stock worth $37,000 after purchasing an additional 323 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its position in Globus Medical by 60.2% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 535 shares of the medical device company’s stock valued at $39,000 after buying an additional 201 shares during the period. 67.19% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Company Profile (Get Rating)

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

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