Truist Financial Cuts Globus Medical (NYSE:GMED) Price Target to $82.00

Globus Medical (NYSE:GMED) had its price objective lowered by Truist Financial from $90.00 to $82.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has a hold rating on the medical device company’s stock.

A number of other equities analysts have also recently issued reports on the stock. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. Canaccord Genuity Group raised their price objective on shares of Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a research note on Friday, January 10th. BTIG Research raised their price objective on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Barclays raised their price objective on shares of Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Finally, Stifel Nicolaus increased their target price on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.09.

Globus Medical Price Performance

GMED opened at $73.86 on Tuesday. Globus Medical has a one year low of $49.33 and a one year high of $94.93. The company’s 50 day simple moving average is $83.88 and its 200-day simple moving average is $79.71. The stock has a market capitalization of $10.16 billion, a P/E ratio of 98.48, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The firm had revenue of $657.29 million for the quarter, compared to analysts’ expectations of $646.19 million. As a group, analysts anticipate that Globus Medical will post 3.44 EPS for the current year.

Insider Buying and Selling

In related news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 18.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Globus Medical

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. 111 Capital acquired a new stake in Globus Medical in the 4th quarter valued at $663,000. Wealth Enhancement Advisory Services LLC increased its stake in Globus Medical by 2.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company’s stock valued at $479,000 after buying an additional 150 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Globus Medical in the 4th quarter valued at $16,757,000. Polar Asset Management Partners Inc. increased its stake in Globus Medical by 73.6% in the 4th quarter. Polar Asset Management Partners Inc. now owns 452,274 shares of the medical device company’s stock valued at $37,408,000 after buying an additional 191,700 shares during the last quarter. Finally, Burgundy Asset Management Ltd. increased its stake in Globus Medical by 1.7% in the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company’s stock valued at $216,544,000 after buying an additional 43,330 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.