Globus Medical (GMED) Upgraded to Hold at Zacks Investment Research

Globus Medical (NYSE:GMED) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “Globus Medical, Inc. is a medical device company focused on the design, development and commercialization of products that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: innovative fusion or disruptive technologies. Its innovative fusion products address a broad range of spinal fusion surgical procedures. Its disruptive technology products include minimally invasive surgical, motion preservation and advanced biomaterials technologies. Globus Medical, Inc. is based in Audubon, Pennsylvania. “

Other equities research analysts have also issued research reports about the company. 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. 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. Piper Jaffray Companies restated a “buy” rating on shares of Globus Medical in a research report on Thursday, October 19th. ValuEngine upgraded Globus Medical from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. Finally, BidaskClub upgraded Globus Medical from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $40.57.

Shares of Globus Medical (GMED) traded down $0.24 during trading on Wednesday, hitting $43.66. The company had a trading volume of 695,406 shares, compared to its average volume of 666,171. Globus Medical has a 52 week low of $25.67 and a 52 week high of $46.51. The company has a market cap of $4,207.78, a price-to-earnings ratio of 39.69, a price-to-earnings-growth ratio of 2.92 and a beta of 0.56.

Globus Medical (NYSE:GMED) last announced its earnings results on Wednesday, November 8th. The medical device company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. Globus Medical had a return on equity of 13.67% and a net margin of 17.54%. The company had revenue of $151.74 million for the quarter, compared to analyst estimates of $150.73 million. During the same quarter in the prior year, the company earned $0.29 EPS. The firm’s revenue for the quarter was up 11.9% compared to the same quarter last year. equities analysts predict that Globus Medical will post 1.27 EPS for the current year.

In related news, President Anthony L. Williams sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $38.30, for a total transaction of $574,500.00. Following the transaction, the president now directly owns 15,000 shares of the company’s stock, valued at approximately $574,500. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Steven Payne sold 3,076 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $39.30, for a total value of $120,886.80. Following the transaction, the chief accounting officer now directly owns 23,847 shares in the company, valued at $937,187.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 124,908 shares of company stock worth $4,747,975. 28.21% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in Globus Medical by 0.8% during the 2nd quarter. BlackRock Inc. now owns 7,448,420 shares of the medical device company’s stock worth $246,914,000 after buying an additional 61,138 shares during the period. Vanguard Group Inc. raised its stake in Globus Medical by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 5,712,043 shares of the medical device company’s stock worth $189,355,000 after buying an additional 76,345 shares during the period. Janus Henderson Group PLC raised its stake in shares of Globus Medical by 18.6% in the third quarter. Janus Henderson Group PLC now owns 3,181,499 shares of the medical device company’s stock worth $94,554,000 after purchasing an additional 498,187 shares during the last quarter. State Street Corp raised its stake in shares of Globus Medical by 5.8% in the second quarter. State Street Corp now owns 2,376,667 shares of the medical device company’s stock worth $78,789,000 after purchasing an additional 129,939 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Globus Medical by 1.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,843,340 shares of the medical device company’s stock worth $54,784,000 after purchasing an additional 32,034 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

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About Globus Medical

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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