Globus Medical (NYSE:GMED) Upgraded at Bank of America

Bank of America upgraded shares of Globus Medical (NYSE:GMED) from a neutral rating to a buy rating in a research report report published on Friday morning, Marketbeat reports. Bank of America currently has $91.00 price objective on the medical device company’s stock, up from their prior price objective of $65.00.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Globus Medical in a research note on Wednesday, October 8th. Morgan Stanley reduced their target price on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a report on Tuesday, July 15th. Stifel Nicolaus initiated coverage on shares of Globus Medical in a research report on Tuesday, October 28th. They set a “hold” rating and a $64.00 price target for the company. Royal Bank Of Canada set a $88.00 price objective on Globus Medical in a research report on Friday, October 10th. Finally, Canaccord Genuity Group reduced their price objective on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, July 22nd. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $87.82.

Globus Medical Price Performance

GMED stock traded up $0.46 during trading on Friday, reaching $84.35. 1,577,694 shares of the stock traded hands, compared to its average volume of 1,459,413. The firm has a market capitalization of $11.39 billion, a PE ratio of 32.42, a P/E/G ratio of 1.68 and a beta of 1.15. The business’s 50 day moving average price is $59.83 and its 200-day moving average price is $59.85. Globus Medical has a 52-week low of $51.79 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, November 6th. The medical device company reported $1.18 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $734.58 million. During the same period last year, the business posted $0.83 EPS. The company’s quarterly revenue 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, equities research analysts predict that Globus Medical will post 3.44 earnings per share for the current year.

Insider Activity at Globus Medical

In related news, Director Ann D. Rhoads sold 10,000 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $58.46, for a total value of $584,600.00. Following the completion of the transaction, the director owned 25,384 shares of the company’s stock, valued at approximately $1,483,948.64. This represents a 28.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 18.51% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

A number of institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its stake 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 last quarter. Advisors Asset Management Inc. acquired a new position in Globus Medical during the 2nd quarter worth $28,000. First Horizon Corp bought a new stake in shares of Globus Medical in the 3rd quarter worth about $31,000. Larson Financial Group LLC increased its position 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 last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Globus Medical in the 3rd quarter valued at about $36,000. 95.16% of the stock is owned by institutional investors and hedge funds.

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.