Globus Medical (NYSE:GMED) Upgraded at StockNews.com

StockNews.com upgraded shares of Globus Medical (NYSE:GMED) from a hold rating to a buy rating in a research report report published on Monday morning.

Several other equities analysts have also issued reports on the company. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 18th. Stifel Nicolaus boosted their price objective on Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Wells Fargo & Company cut their target price on Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Barclays upped their price target on Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Finally, Piper Sandler reduced their price target on Globus Medical from $100.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.00.

Globus Medical Stock Performance

Globus Medical stock opened at $58.25 on Monday. The firm has a market capitalization of $8.01 billion, a P/E ratio of 77.67, a PEG ratio of 1.61 and a beta of 1.32. Globus Medical has a 1 year low of $54.48 and a 1 year high of $94.93. The business has a 50-day moving average of $71.07 and a 200-day moving average of $79.54.

Globus Medical (NYSE:GMED) last posted its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.06). Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The company had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. During the same quarter in the previous year, the firm posted $0.72 earnings per share. Globus Medical’s quarterly revenue was down 1.4% compared to the same quarter last year. Research analysts anticipate that Globus Medical will post 3.44 EPS for the current fiscal year.

Institutional Investors Weigh In On Globus Medical

Several large investors have recently made changes to their positions in GMED. Invesco Ltd. boosted its holdings in shares of Globus Medical by 331.9% in the 1st quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company’s stock valued at $147,949,000 after buying an additional 1,553,154 shares during the last quarter. Norges Bank bought a new stake in Globus Medical in the 4th quarter valued at $117,102,000. RTW Investments LP bought a new stake in Globus Medical in the 4th quarter valued at $80,394,000. Iron Triangle Partners LP bought a new stake in Globus Medical in the 4th quarter valued at $69,808,000. Finally, Polar Capital Holdings Plc bought a new stake in Globus Medical in the 4th quarter valued at $63,762,000. 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.