StockNews.com Downgrades Globus Medical (NYSE:GMED) to Hold

StockNews.com lowered shares of Globus Medical (NYSE:GMED) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

Other equities analysts also recently issued reports about the stock. Truist Financial lifted their target price on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Bank of America increased their price target on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday, November 6th. Morgan Stanley boosted their price objective on shares of Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Canaccord Genuity Group lifted their price target on shares of Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, Barclays upped their price objective on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $88.18.

Globus Medical Stock Down 0.2 %

GMED stock opened at $84.72 on Wednesday. The firm has a market cap of $11.54 billion, a P/E ratio of 126.45, a PEG ratio of 2.03 and a beta of 1.17. The company’s 50-day simple moving average is $74.76 and its 200-day simple moving average is $70.83. Globus Medical has a 52-week low of $44.02 and a 52-week high of $85.30.

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

Insider Activity at Globus Medical

In other news, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was 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 in the company, valued at $3,017,318.24. The trade was a 25.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock valued at $8,512,850 over the last three months. 18.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Globus Medical

Hedge funds and other institutional investors have recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new position in Globus Medical during the third quarter worth $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Globus Medical during the 2nd quarter valued at approximately $33,000. Quarry LP increased its stake in Globus Medical by 698.4% in the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after purchasing an additional 433 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after buying an additional 385 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after purchasing an additional 453 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.