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

StockNews.com cut shares of Globus Medical (NYSE:GMED) from a buy rating to a hold rating in a research report report published on Friday morning.

A number of other research firms have also weighed in on GMED. Barclays increased their target price on shares of Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Stifel Nicolaus upped their target price on Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a report on Friday, February 21st. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 18th. Wells Fargo & Company dropped their target price on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Finally, Roth Mkm increased their price target on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $97.09.

Globus Medical Price Performance

Shares of GMED opened at $73.67 on Friday. Globus Medical has a 1-year low of $49.33 and a 1-year high of $94.93. The company has a market capitalization of $10.13 billion, a P/E ratio of 98.22, a P/E/G ratio of 1.61 and a beta of 1.19. The firm’s 50 day simple moving average is $83.61 and its 200 day simple moving average is $79.83.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The firm had revenue of $657.29 million for the quarter, compared to analysts’ expectations of $646.19 million. On average, equities analysts anticipate that Globus Medical will post 3.44 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. 111 Capital bought a new position in Globus Medical in the 4th quarter valued at approximately $663,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Globus Medical by 2.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company’s stock valued at $479,000 after buying an additional 150 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Globus Medical in the 4th quarter worth about $16,757,000. Polar Asset Management Partners Inc. lifted its stake in Globus Medical by 73.6% during the 4th quarter. Polar Asset Management Partners Inc. now owns 452,274 shares of the medical device company’s stock valued at $37,408,000 after acquiring an additional 191,700 shares during the period. Finally, Burgundy Asset Management Ltd. boosted its holdings in shares of Globus Medical by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company’s stock valued at $216,544,000 after acquiring an additional 43,330 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

About Globus Medical

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.