Globus Medical (NYSE:GMED) Rating Increased to Strong-Buy at Zacks Research

Globus Medical (NYSE:GMED) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

GMED has been the topic of several other research reports. Canaccord Genuity Group cut their price target on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, July 22nd. Wall Street Zen raised Globus Medical from a “hold” rating to a “buy” rating in a research report on Saturday. Barclays lifted their price target on shares of Globus Medical from $106.00 to $114.00 and gave the company an “overweight” rating in a research report on Monday. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Monday, July 21st. Finally, Truist Financial upgraded shares of Globus Medical from a “hold” rating to a “buy” rating and upped their price objective for the stock from $65.00 to $93.00 in a report on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $88.82.

Globus Medical Stock Down 1.6%

Globus Medical stock opened at $84.96 on Monday. The company has a market capitalization of $11.47 billion, a PE ratio of 32.68, a PEG ratio of 1.68 and a beta of 1.15. Globus Medical has a 12-month low of $51.79 and a 12-month high of $94.93. The firm’s fifty day moving average is $60.84 and its 200 day moving average is $60.03.

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

Insider Activity at Globus Medical

In related news, Director Ann D. Rhoads sold 2,000 shares of the firm’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $85.00, for a total transaction of $170,000.00. Following the transaction, the director directly owned 15,384 shares of the company’s stock, valued at $1,307,640. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 20,000 shares of company stock valued at $1,402,600 in the last three months. Corporate insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew 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 valued at $27,000 after acquiring an additional 197 shares in the last quarter. Advisors Asset Management Inc. purchased a new position in Globus Medical in the second quarter valued at about $28,000. First Horizon Corp bought a new position in shares of Globus Medical during the 3rd quarter valued at approximately $31,000. Larson Financial Group LLC raised its holdings in shares of Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock worth $32,000 after purchasing an additional 393 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Globus Medical in the third quarter valued at approximately $36,000. Hedge funds and other 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.