Globus Medical (NYSE:GMED) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Globus Medical (NYSE:GMED) had its price objective boosted by Morgan Stanley from $74.00 to $83.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the medical device company’s stock.

Other equities research analysts have also issued research reports about the company. Roth Mkm reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Globus Medical in a report on Wednesday, November 6th. Royal Bank of Canada upped their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group raised their price objective on shares of Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Wells Fargo & Company upped their price target on Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Finally, BTIG Research raised their price target on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and an average target price of $88.18.

Globus Medical Price Performance

NYSE:GMED opened at $81.10 on Monday. Globus Medical has a 12 month low of $44.02 and a 12 month high of $84.87. The firm has a market capitalization of $10.98 billion, a PE ratio of 121.04, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17. The business’s fifty day moving average price is $72.94 and its 200 day moving average price is $69.25.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company’s revenue was up 63.1% on a year-over-year basis. During the same period last year, the firm posted $0.57 EPS. As a group, equities analysts anticipate that Globus Medical will post 2.98 EPS for the current year.

Insider Buying and Selling

In related news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. This trade represents a 25.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kelly Huller sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 110,000 shares of company stock valued at $8,512,850. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Select Equity Group L.P. bought a new position in Globus Medical during the second quarter worth $91,711,000. Millennium Management LLC raised its position in shares of Globus Medical by 1,171.5% during the second quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after buying an additional 1,256,570 shares during the last quarter. Magnetar Financial LLC lifted its stake in shares of Globus Medical by 198.6% in the first quarter. Magnetar Financial LLC now owns 1,689,287 shares of the medical device company’s stock valued at $90,613,000 after buying an additional 1,123,540 shares during the period. Burgundy Asset Management Ltd. increased its stake in Globus Medical by 46.1% during the first quarter. Burgundy Asset Management Ltd. now owns 2,479,837 shares of the medical device company’s stock valued at $133,018,000 after acquiring an additional 782,285 shares during the period. Finally, Champlain Investment Partners LLC raised its holdings in Globus Medical by 25.2% in the 1st quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company’s stock valued at $134,335,000 after acquiring an additional 503,745 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

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.