Globus Medical (NYSE:GMED) Price Target Raised to $92.00

Globus Medical (NYSE:GMED) had its target price lifted by Royal Bank Of Canada from $88.00 to $92.00 in a research note published on Friday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the medical device company’s stock.

A number of other analysts have also recently weighed in on GMED. Bank of America upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and increased their price target for the stock from $65.00 to $91.00 in a research note on Friday. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Monday, July 21st. Wall Street Zen lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Stifel Nicolaus assumed coverage on shares of Globus Medical in a report on Tuesday, October 28th. They set a “hold” rating and a $64.00 price objective on the stock. Finally, Canaccord Genuity Group cut their price objective on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.82.

Globus Medical Stock Up 1.8%

Shares of GMED traded up $1.47 during mid-day trading on Friday, reaching $85.36. The company had a trading volume of 1,759,529 shares, compared to its average volume of 1,460,090. The stock has a 50 day moving average of $59.83 and a two-hundred day moving average of $59.85. Globus Medical has a 52-week low of $51.79 and a 52-week high of $94.93. The stock has a market capitalization of $11.53 billion, a P/E ratio of 32.73, a PEG ratio of 1.68 and a beta of 1.15.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, November 6th. The medical device company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.39. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The business had revenue of $769.05 million during the quarter, compared to analyst estimates of $734.58 million. During the same quarter in the prior year, the firm earned $0.83 earnings per share. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. On average, sell-side analysts expect that Globus Medical will post 3.44 earnings per share for the current year.

Insider Activity at Globus Medical

In related news, Director Ann D. Rhoads sold 10,000 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $58.46, for a total transaction of $584,600.00. Following the completion of the transaction, the director directly owned 25,384 shares in the company, valued at $1,483,948.64. This represents a 28.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 18.51% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Several large investors have recently made changes to their positions in GMED. HB Wealth Management LLC increased its stake in Globus Medical by 4.7% during the 1st quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company’s stock valued at $278,000 after buying an additional 170 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Globus Medical by 2.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 6,316 shares of the medical device company’s stock valued at $375,000 after acquiring an additional 170 shares in the last quarter. Whittier Trust Co. lifted its holdings in Globus Medical by 46.5% in the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock worth $42,000 after purchasing an additional 184 shares during the last quarter. GAMMA Investing LLC boosted its position in Globus Medical by 14.7% during the third quarter. GAMMA Investing LLC now owns 1,438 shares of the medical device company’s stock worth $82,000 after purchasing an additional 184 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in Globus Medical by 74.3% during the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after purchasing an additional 197 shares during the last quarter. 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.