Globus Medical (NYSE:GMED) Price Target Raised to $90.00

Globus Medical (NYSE:GMED) had its price objective hoisted by Truist Financial from $85.00 to $90.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has a hold rating on the medical device company’s stock.

GMED has been the topic of several other research reports. Wells Fargo & Company upped their price objective on shares of Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Royal Bank of Canada lifted their price target on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. StockNews.com cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Finally, Canaccord Genuity Group lifted their target price on Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.55.

Globus Medical Stock Performance

GMED opened at $82.63 on Wednesday. The company has a market cap of $11.25 billion, a price-to-earnings ratio of 123.33, a PEG ratio of 1.99 and a beta of 1.19. Globus Medical has a one year low of $49.33 and a one year high of $87.22. The business’s fifty day moving average is $80.02 and its two-hundred day moving average is $73.34.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter in the previous year, the business posted $0.57 earnings per share. The firm’s quarterly revenue was up 63.1% compared to the same quarter last year. On average, analysts predict that Globus Medical will post 2.97 EPS for the current fiscal year.

Insider Transactions at Globus Medical

In other news, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 97,500 shares of company stock valued at $7,674,950. Corporate insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Institutional investors and hedge funds have recently made changes to their positions in the company. Coldstream Capital Management Inc. boosted its stake in Globus Medical by 2.2% in the third quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock valued at $447,000 after acquiring an additional 131 shares during the period. Stephens Inc. AR increased its holdings in shares of Globus Medical by 3.4% in the 3rd quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock worth $303,000 after acquiring an additional 138 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Globus Medical by 2.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after purchasing an additional 140 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Globus Medical by 15.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after purchasing an additional 160 shares during the period. Finally, Van ECK Associates Corp grew its position in Globus Medical by 0.4% in the 2nd quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock worth $3,145,000 after purchasing an additional 183 shares during the last quarter. 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.