Globus Medical (NYSE:GMED) Upgraded by StockNews.com to Buy

Posted by Defense World Staff on Apr 12th, 2023

Globus Medical (NYSE:GMED – Get Rating) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Wednesday.

Other research analysts also recently issued research reports about the stock. Truist Financial downgraded shares of Globus Medical from a “buy” rating to a “hold” rating and cut their price target for the company from $85.00 to $70.00 in a report on Friday, February 10th. Piper Sandler downgraded shares of Globus Medical from an “overweight” rating to a “neutral” rating in a report on Thursday, February 9th. Loop Capital downgraded shares of Globus Medical from a “buy” rating to a “hold” rating and cut their price target for the company from $90.00 to $70.00 in a report on Friday, February 10th. Morgan Stanley raised their price target on shares of Globus Medical from $68.00 to $78.00 and gave the company an “equal weight” rating in a report on Friday, January 6th. Finally, BTIG Research downgraded shares of Globus Medical from a “buy” rating to a “neutral” rating in a report on Thursday, February 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $70.91.

Globus Medical Stock Up 1.3 %

GMED stock opened at $58.25 on Wednesday. Globus Medical has a 12-month low of $50.92 and a 12-month high of $81.78. The company has a market cap of $5.84 billion, a price-to-earnings ratio of 31.32, a PEG ratio of 1.96 and a beta of 1.06. The company has a 50 day moving average of $59.29 and a two-hundred day moving average of $65.61.

Globus Medical (NYSE:GMED – Get Rating) last released its earnings results on Tuesday, February 21st. The medical device company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. Globus Medical had a net margin of 18.59% and a return on equity of 11.93%. The company had revenue of $274.50 million during the quarter, compared to the consensus estimate of $276.40 million. During the same quarter in the prior year, the firm earned $0.49 EPS. The company’s revenue was up 9.8% compared to the same quarter last year. On average, research analysts anticipate that Globus Medical will post 2.3 EPS for the current year.

Insider Activity at Globus Medical

In related news, CFO Keith W. Pfeil sold 29,167 shares of the firm’s stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $77.57, for a total value of $2,262,484.19. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 24.41% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. grew its position in Globus Medical by 0.7% in the 1st quarter. BlackRock Inc. now owns 7,347,858 shares of the medical device company’s stock worth $542,124,000 after purchasing an additional 48,913 shares during the last quarter. Wellington Management Group LLP grew its position in Globus Medical by 0.6% in the 1st quarter. Wellington Management Group LLP now owns 3,236,599 shares of the medical device company’s stock worth $238,796,000 after purchasing an additional 20,375 shares during the last quarter. William Blair Investment Management LLC grew its position in Globus Medical by 31.2% in the 4th quarter. William Blair Investment Management LLC now owns 2,317,785 shares of the medical device company’s stock worth $172,142,000 after purchasing an additional 550,527 shares during the last quarter. State Street Corp grew its position in Globus Medical by 2.9% in the 1st quarter. State Street Corp now owns 2,219,112 shares of the medical device company’s stock worth $163,726,000 after purchasing an additional 62,156 shares during the last quarter. Finally, GW&K Investment Management LLC grew its position in Globus Medical by 8.6% in the 4th quarter. GW&K Investment Management LLC now owns 1,712,151 shares of the medical device company’s stock worth $127,161,000 after purchasing an additional 135,935 shares during the last quarter. 74.23% of the stock is currently owned by institutional investors and hedge funds.

About Globus Medical

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Globus Medical, Inc operates as a medical device company that develops and commercializes healthcare solutions. The firm engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.