Globus Medical, Inc. (NYSE:GMED) Receives $87.27 Average PT from Analysts

Shares of Globus Medical, Inc. (NYSE:GMED) have been assigned an average rating of “Moderate Buy” from the fourteen brokerages that are currently covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $87.2727.

A number of analysts have recently weighed in on GMED shares. Morgan Stanley cut their price target on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating for the company in a report on Tuesday, July 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Globus Medical in a report on Wednesday, October 8th. Wells Fargo & Company cut their price target on shares of Globus Medical from $76.00 to $66.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Wall Street Zen cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Finally, Canaccord Genuity Group lowered their price objective on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, July 22nd.

Insider Transactions at Globus Medical

In related news, Director Ann D. Rhoads sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $58.46, for a total transaction of $584,600.00. Following the completion of the transaction, the director directly owned 25,384 shares in the company, valued at $1,483,948.64. This represents a 28.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 18.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Globus Medical

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Globus Medical by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 10,909,082 shares of the medical device company’s stock worth $798,545,000 after purchasing an additional 45,248 shares in the last quarter. Burgundy Asset Management Ltd. increased its position in Globus Medical by 24.3% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 3,481,438 shares of the medical device company’s stock valued at $205,474,000 after acquiring an additional 679,691 shares during the period. Sculptor Capital LP increased its position in Globus Medical by 31.9% in the 2nd quarter. Sculptor Capital LP now owns 2,760,688 shares of the medical device company’s stock valued at $162,936,000 after acquiring an additional 667,850 shares during the period. William Blair Investment Management LLC increased its position in Globus Medical by 5.8% in the 2nd quarter. William Blair Investment Management LLC now owns 2,405,031 shares of the medical device company’s stock valued at $141,945,000 after acquiring an additional 131,244 shares during the period. Finally, Geneva Capital Management LLC increased its position in Globus Medical by 13.6% in the 2nd quarter. Geneva Capital Management LLC now owns 2,082,788 shares of the medical device company’s stock valued at $122,926,000 after acquiring an additional 249,141 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Trading Up 3.4%

Shares of Globus Medical stock opened at $61.64 on Tuesday. The company has a 50 day moving average of $59.20 and a 200-day moving average of $60.70. Globus Medical has a 1-year low of $51.79 and a 1-year high of $94.93. The company has a market cap of $8.32 billion, a PE ratio of 23.71, a price-to-earnings-growth ratio of 1.63 and a beta of 1.12.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.10. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The company had revenue of $745.34 million during the quarter, compared to the consensus estimate of $738.91 million. During the same quarter in the prior year, the firm posted $0.75 EPS. The firm’s quarterly revenue was up 18.4% on a year-over-year basis. Research analysts forecast that Globus Medical will post 3.44 earnings per share for the current year.

Globus Medical Company Profile

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.