Gabelli Reaffirms Buy Rating for Globus Medical, Inc. (GMED)

Globus Medical, Inc. (NYSE:GMED)‘s stock had its “buy” rating restated by Gabelli in a note issued to investors on Tuesday. Gabelli also issued estimates for Globus Medical’s FY2019 earnings at $1.45 EPS.

A number of other research analysts also recently issued reports on GMED. BTIG Research restated a “buy” rating and set a $37.00 target price on shares of Globus Medical in a research report on Thursday, November 9th. Canaccord Genuity restated a “buy” rating and set a $38.00 target price on shares of Globus Medical in a research report on Thursday, November 9th. ValuEngine upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Friday. Zacks Investment Research upgraded shares of Globus Medical from a “sell” rating to a “hold” rating in a research report on Friday. Finally, Barclays PLC reiterated an “underweight” rating and issued a $28.00 price objective (down previously from $30.00) on shares of Globus Medical in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $34.00.

Globus Medical (GMED) traded up $1.37 during midday trading on Tuesday, reaching $37.31. 1,316,100 shares of the company were exchanged, compared to its average volume of 675,216. The firm has a market capitalization of $3,460.70, a P/E ratio of 28.75, a PEG ratio of 2.80 and a beta of 0.55. Globus Medical has a 52 week low of $20.52 and a 52 week high of $37.37.

Globus Medical (NYSE:GMED) last posted its earnings results on Wednesday, November 8th. The medical device company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. The company had revenue of $151.74 million during the quarter, compared to the consensus estimate of $150.73 million. Globus Medical had a net margin of 17.54% and a return on equity of 13.67%. The firm’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.29 earnings per share. analysts expect that Globus Medical will post 1.27 EPS for the current year.

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In other news, insider A Brett Murphy sold 51,449 shares of the business’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $35.00, for a total transaction of $1,800,715.00. Following the completion of the sale, the insider now owns 49,768 shares of the company’s stock, valued at $1,741,880. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 28.21% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its stake in shares of Globus Medical by 19.9% during the second quarter. SG Americas Securities LLC now owns 47,862 shares of the medical device company’s stock worth $1,587,000 after purchasing an additional 7,937 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Globus Medical by 26.2% during the second quarter. Goldman Sachs Group Inc. now owns 166,090 shares of the medical device company’s stock worth $5,505,000 after purchasing an additional 34,513 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Globus Medical by 1.4% during the second quarter. Vanguard Group Inc. now owns 5,712,043 shares of the medical device company’s stock worth $189,355,000 after purchasing an additional 76,345 shares in the last quarter. AJO LP purchased a new stake in shares of Globus Medical during the second quarter worth about $1,262,000. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Globus Medical by 5.6% during the first quarter. Schwab Charles Investment Management Inc. now owns 292,401 shares of the medical device company’s stock worth $8,661,000 after purchasing an additional 15,501 shares in the last quarter. 65.59% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Globus Medical (NYSE:GMED)

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