Globus Medical (NYSE:GMED) Board Authorizes Share Buyback Program

Globus Medical (NYSE:GMED) announced that its board has authorized a stock repurchase program on Thursday, May 15th, RTT News reports. The company plans to buyback $500.00 million in shares. This buyback authorization authorizes the medical device company to repurchase up to 6.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GMED shares. Truist Financial cut their price objective on Globus Medical from $80.00 to $68.00 and set a “hold” rating on the stock in a research note on Monday, May 12th. StockNews.com raised Globus Medical from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. Barclays raised their price target on Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Stifel Nicolaus boosted their price target on Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $94.00.

Globus Medical Stock Performance

GMED stock opened at $61.29 on Friday. The business’s 50-day moving average is $70.47 and its two-hundred day moving average is $79.37. Globus Medical has a fifty-two week low of $54.48 and a fifty-two week high of $94.93. The company has a market cap of $8.43 billion, a price-to-earnings ratio of 81.72, a P/E/G ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.06). Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The business had revenue of $598.12 million for the quarter, compared to analysts’ expectations of $629.74 million. During the same quarter in the prior year, the business posted $0.72 EPS. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. Equities analysts predict that Globus Medical will post 3.44 earnings per share for the current year.

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.