Globus Medical (NYSE:GMED) Downgraded to Hold Rating by StockNews.com

Globus Medical (NYSE:GMED) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

Several other equities analysts have also issued reports on the stock. Truist Financial lifted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Stifel Nicolaus upped their target price on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. BTIG Research raised their price target on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. Finally, Roth Mkm reissued a “buy” rating and set a $100.00 target price on shares of Globus Medical in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $88.18.

Globus Medical Trading Up 1.8 %

GMED opened at $83.33 on Wednesday. The firm has a market cap of $11.35 billion, a price-to-earnings ratio of 124.37, a PEG ratio of 1.94 and a beta of 1.17. Globus Medical has a 12 month low of $44.02 and a 12 month high of $84.87. The stock has a fifty day moving average price of $73.88 and a 200-day moving average price of $70.26.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same period in the previous year, the company posted $0.57 earnings per share. The firm’s revenue was up 63.1% on a year-over-year basis. On average, equities research analysts forecast that Globus Medical will post 2.98 EPS for the current year.

Insider Buying and Selling

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 25.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,000 shares of company stock valued at $8,512,850 over the last 90 days. Insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GMED. TT International Asset Management LTD purchased a new stake in shares of Globus Medical during the 3rd quarter worth about $3,169,000. Coldstream Capital Management Inc. increased its stake in shares of Globus Medical by 2.2% in the 3rd quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock valued at $447,000 after purchasing an additional 131 shares in the last quarter. Geode Capital Management LLC raised its holdings in Globus Medical by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after purchasing an additional 21,935 shares during the period. M&T Bank Corp boosted its position in Globus Medical by 3.6% during the third quarter. M&T Bank Corp now owns 6,926 shares of the medical device company’s stock worth $496,000 after purchasing an additional 241 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd grew its holdings in Globus Medical by 72.7% in the third quarter. Y Intercept Hong Kong Ltd now owns 19,876 shares of the medical device company’s stock valued at $1,422,000 after purchasing an additional 8,366 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Company Profile

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.