Barclays PLC reissued their underweight rating on shares of Globus Medical, Inc. (NYSE:GMED) in a research note released on Wednesday. They currently have a $28.00 target price on the medical device company’s stock, down from their prior target price of $30.00.
Several other equities research analysts have also recently commented on the company. Zacks Investment Research cut Globus Medical from a hold rating to a sell rating in a research note on Tuesday, July 4th. Leerink Swann raised Globus Medical from a market perform rating to an outperform rating in a research note on Wednesday, April 12th. Oppenheimer Holdings, Inc. reissued a hold rating on shares of Globus Medical in a research note on Thursday, May 18th. Canaccord Genuity raised Globus Medical from a hold rating to a buy rating and boosted their price target for the company from $30.00 to $37.00 in a research note on Thursday, May 4th. Finally, BidaskClub cut Globus Medical from a buy rating to a hold rating in a research note on Tuesday, July 11th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. Globus Medical presently has an average rating of Hold and a consensus target price of $30.43.
Globus Medical (NYSE GMED) opened at 29.30 on Wednesday. The firm has a market capitalization of $2.82 billion, a PE ratio of 26.40 and a beta of 0.60. Globus Medical has a 12 month low of $19.25 and a 12 month high of $34.03. The firm’s 50-day moving average is $31.79 and its 200-day moving average is $30.14.
Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Wednesday, August 2nd. The medical device company reported $0.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.02. The business had revenue of $152.39 million during the quarter, compared to analysts’ expectations of $150.94 million. Globus Medical had a return on equity of 13.99% and a net margin of 18.12%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.29 EPS. On average, equities research analysts expect that Globus Medical will post $1.27 EPS for the current year.
In other Globus Medical news, President Anthony L. Williams sold 16,153 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $31.94, for a total transaction of $515,926.82. Following the completion of the sale, the president now owns 16,153 shares of the company’s stock, valued at $515,926.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 28.21% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in GMED. BlackRock Inc. boosted its stake in shares of Globus Medical by 22,983.1% in the first quarter. BlackRock Inc. now owns 7,387,282 shares of the medical device company’s stock worth $218,812,000 after buying an additional 7,355,279 shares during the last quarter. Norges Bank acquired a new stake in Globus Medical during the fourth quarter valued at $18,321,000. Marathon Asset Management LLP boosted its stake in Globus Medical by 189.3% in the second quarter. Marathon Asset Management LLP now owns 773,700 shares of the medical device company’s stock valued at $25,644,000 after buying an additional 506,241 shares in the last quarter. Blue Jay Capital Management LLC acquired a new stake in Globus Medical during the first quarter valued at $11,848,000. Finally, Citadel Advisors LLC boosted its stake in Globus Medical by 2,430.6% in the first quarter. Citadel Advisors LLC now owns 412,809 shares of the medical device company’s stock valued at $12,227,000 after buying an additional 396,496 shares in the last quarter. 69.45% of the stock is owned by hedge funds and other institutional investors.
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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