Global Medical REIT (NYSE:XRN – Get Free Report) had its target price upped by investment analysts at BMO Capital Markets from $33.00 to $39.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “market perform” rating on the stock. BMO Capital Markets’ price target suggests a potential upside of 15.50% from the stock’s current price.
XRN has been the subject of a number of other research reports. Wall Street Zen downgraded Global Medical REIT from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Compass Point reissued a “neutral” rating and set a $38.00 price target (down from $50.00) on shares of Global Medical REIT in a research report on Thursday, May 7th. Finally, Weiss Ratings downgraded Global Medical REIT from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Global Medical REIT presently has a consensus rating of “Hold” and a consensus price target of $39.50.
Global Medical REIT Trading Up 0.7%
Insider Buying and Selling
In related news, COO Danica Holley bought 1,490 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was bought at an average price of $33.99 per share, with a total value of $50,645.10. Following the completion of the transaction, the chief operating officer directly owned 1,590 shares of the company’s stock, valued at approximately $54,044.10. This represents a 1,490.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Cypher bought 1,420 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was bought at an average cost of $35.12 per share, with a total value of $49,870.40. Following the transaction, the director directly owned 1,690 shares of the company’s stock, valued at approximately $59,352.80. This trade represents a 525.93% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have bought 10,974 shares of company stock valued at $373,826. 8.90% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of XRN. AQR Capital Management LLC boosted its holdings in Global Medical REIT by 9.5% in the first quarter. AQR Capital Management LLC now owns 58,538 shares of the company’s stock valued at $512,000 after purchasing an additional 5,062 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Global Medical REIT by 23,920.0% in the first quarter. Jones Financial Companies Lllp now owns 24,020 shares of the company’s stock valued at $210,000 after purchasing an additional 23,920 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Global Medical REIT by 13.2% in the first quarter. Goldman Sachs Group Inc. now owns 388,605 shares of the company’s stock valued at $3,400,000 after purchasing an additional 45,243 shares during the last quarter. Strs Ohio purchased a new position in Global Medical REIT in the first quarter valued at about $95,000. Finally, Envestnet Asset Management Inc. boosted its holdings in Global Medical REIT by 39.5% in the second quarter. Envestnet Asset Management Inc. now owns 26,617 shares of the company’s stock valued at $184,000 after purchasing an additional 7,536 shares during the last quarter. Hedge funds and other institutional investors own 57.52% of the company’s stock.
Global Medical REIT Company Profile
Global Medical REIT (NYSE: GMRE) is a real estate investment trust focused on owning and managing healthcare-related properties across the United States. The company acquires, develops and leases a diversified portfolio of medical office buildings, outpatient facilities, long-term care centers and other specialized healthcare real estate. By concentrating on essential healthcare assets, Global Medical REIT seeks to generate stable, long-term rental income under triple-net and modified gross lease structures.
Since its incorporation in 2016 and initial public offering in 2017, the company has pursued an acquisitive growth strategy targeting markets with strong demographic trends and limited supply of modern medical facilities.
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