Royal Bank Of Canada Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED) had its price target upped by investment analysts at Royal Bank Of Canada from $88.00 to $92.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the medical device company’s stock. Royal Bank Of Canada’s price target suggests a potential upside of 9.53% from the company’s previous close.

GMED has been the topic of a number of other reports. Weiss Ratings restated a “hold (c)” rating on shares of Globus Medical in a research report on Wednesday, October 8th. Canaccord Genuity Group lowered their price objective on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, July 22nd. Bank of America upgraded Globus Medical from a “neutral” rating to a “buy” rating and upped their target price for the stock from $65.00 to $91.00 in a research report on Friday. Wall Street Zen lowered Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Finally, Truist Financial upgraded Globus Medical from a “hold” rating to a “buy” rating and lifted their price target for the company from $65.00 to $93.00 in a research report on Friday. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $87.82.

Globus Medical Price Performance

Shares of NYSE GMED traded up $22.28 during midday trading on Friday, hitting $83.99. 10,402,772 shares of the company’s stock were exchanged, compared to its average volume of 1,445,991. The stock’s 50 day moving average price is $59.38 and its 200-day moving average price is $59.91. The firm has a market cap of $11.34 billion, a P/E ratio of 32.31, a PEG ratio of 1.68 and a beta of 1.15. Globus Medical has a twelve month low of $51.79 and a twelve month high of $94.93.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, November 6th. The medical device company reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.39. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The company had revenue of $769.05 million during the quarter, compared to analysts’ expectations of $734.58 million. During the same quarter in the prior year, the business posted $0.83 earnings per share. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. On average, analysts expect that Globus Medical will post 3.44 EPS for the current fiscal year.

Insider Transactions at Globus Medical

In other Globus Medical news, Director Ann D. Rhoads sold 10,000 shares of Globus Medical stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the transaction, the director owned 25,384 shares in the company, valued at approximately $1,483,948.64. The trade was a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 18.51% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

A number of hedge funds have recently modified their holdings of the stock. HB Wealth Management LLC raised its position in shares of Globus Medical by 4.7% during the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company’s stock worth $278,000 after purchasing an additional 170 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Globus Medical by 2.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 6,316 shares of the medical device company’s stock worth $375,000 after purchasing an additional 170 shares in the last quarter. Whittier Trust Co. raised its holdings in Globus Medical by 46.5% during the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock worth $42,000 after buying an additional 184 shares during the period. GAMMA Investing LLC lifted its stake in Globus Medical by 14.7% during the third quarter. GAMMA Investing LLC now owns 1,438 shares of the medical device company’s stock valued at $82,000 after buying an additional 184 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Globus Medical by 74.3% in the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock worth $27,000 after buying an additional 197 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.