Globus Medical (NYSE:GMED) Downgraded to “Hold” Rating by StockNews.com

StockNews.com cut shares of Globus Medical (NYSE:GMED) from a buy rating to a hold rating in a report released on Thursday.

GMED has been the topic of a number of other research reports. Royal Bank of Canada raised their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Truist Financial lifted their target price on shares of Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. BTIG Research lifted their target price on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Canaccord Genuity Group lifted their target price on shares of Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Finally, Piper Sandler raised their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Four equities research 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 stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Price Performance

NYSE GMED opened at $88.08 on Thursday. The firm has a market capitalization of $11.99 billion, a PE ratio of 131.47, a P/E/G ratio of 1.78 and a beta of 1.19. Globus Medical has a 12 month low of $49.33 and a 12 month high of $94.93. The company’s 50 day simple moving average is $86.47 and its 200 day simple moving average is $77.96.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million during the quarter, compared to analyst estimates 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 quarter last year, the business posted $0.57 EPS. Sell-side analysts anticipate that Globus Medical will post 2.98 earnings per share for the current fiscal year.

Insider Activity

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. 18.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globus Medical

A number of institutional investors and hedge funds have recently modified their holdings of the business. Coldstream Capital Management Inc. raised its stake in shares of Globus Medical by 2.2% during the third quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock worth $447,000 after buying an additional 131 shares during the last quarter. First Horizon Advisors Inc. raised its stake in shares of Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock worth $55,000 after buying an additional 132 shares during the last quarter. US Bancorp DE raised its stake in shares of Globus Medical by 3.2% during the fourth quarter. US Bancorp DE now owns 4,305 shares of the medical device company’s stock worth $356,000 after buying an additional 135 shares during the last quarter. Stephens Inc. AR raised its stake in shares of Globus Medical by 3.4% during the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock worth $303,000 after buying an additional 138 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Globus Medical by 2.5% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock worth $403,000 after buying an additional 140 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

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.