Zacks Investment Research upgraded shares of Globus Medical (NYSE:GMED) from a sell rating to a hold rating in a research report released on Wednesday morning.
According to Zacks, “Globus Medical, Inc. is a medical device company focused on the design, development and commercialization of products that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: innovative fusion or disruptive technologies. Its innovative fusion products address a broad range of spinal fusion surgical procedures. Its disruptive technology products include minimally invasive surgical, motion preservation and advanced biomaterials technologies. Globus Medical, Inc. is based in Audubon, Pennsylvania. “
Other analysts have also recently issued reports about the stock. Wells Fargo & Co reissued an outperform rating and set a $51.00 price objective (up from $46.00) on shares of Globus Medical in a research note on Wednesday. Barclays reissued a sell rating and set a $36.00 price objective on shares of Globus Medical in a research note on Wednesday. BidaskClub cut shares of Globus Medical from a hold rating to a sell rating in a research note on Friday, October 13th. Canaccord Genuity reissued a buy rating and set a $38.00 price objective on shares of Globus Medical in a research note on Friday, September 22nd. Finally, BTIG Research reissued a buy rating and set a $37.00 price objective on shares of Globus Medical in a research note on Thursday, November 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $40.57.
Shares of Globus Medical (NYSE GMED) traded down $0.24 during midday trading on Wednesday, hitting $43.66. 695,406 shares of the stock traded hands, compared to its average volume of 666,171. Globus Medical has a one year low of $25.67 and a one year high of $46.51. The stock has a market cap of $4,207.78, a PE ratio of 39.69, a PEG ratio of 2.92 and a beta of 0.56.
Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, November 8th. The medical device company reported $0.30 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.30. Globus Medical had a net margin of 17.54% and a return on equity of 13.67%. The company had revenue of $151.74 million during the quarter, compared to analysts’ expectations of $150.73 million. During the same period in the previous year, the company earned $0.29 EPS. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. analysts predict that Globus Medical will post 1.27 earnings per share for the current year.
In related news, insider A Brett Murphy sold 51,449 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $35.00, for a total transaction of $1,800,715.00. Following the completion of the sale, the insider now directly owns 49,768 shares of the company’s stock, valued at approximately $1,741,880. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Anthony L. Williams sold 15,000 shares of the company’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $38.30, for a total transaction of $574,500.00. Following the sale, the president now directly owns 15,000 shares of the company’s stock, valued at $574,500. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 124,908 shares of company stock valued at $4,747,975. 28.21% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in GMED. Janus Henderson Group PLC lifted its holdings in Globus Medical by 260.0% in the 2nd quarter. Janus Henderson Group PLC now owns 2,683,312 shares of the medical device company’s stock worth $88,952,000 after buying an additional 1,938,039 shares in the last quarter. NWQ Investment Management Company LLC acquired a new position in Globus Medical in the 3rd quarter worth $25,856,000. American Century Companies Inc. acquired a new position in Globus Medical in the 3rd quarter worth $24,126,000. Nuance Investments LLC lifted its holdings in Globus Medical by 207.5% in the 3rd quarter. Nuance Investments LLC now owns 776,919 shares of the medical device company’s stock worth $23,090,000 after buying an additional 524,248 shares in the last quarter. Finally, Koch Industries Inc. lifted its holdings in Globus Medical by 3,950.6% in the 2nd quarter. Koch Industries Inc. now owns 479,431 shares of the medical device company’s stock worth $465,000 after buying an additional 467,595 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.
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Globus Medical Company Profile
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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