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

Globus Medical (NYSE:GMED) had its target price reduced by investment analysts at Truist Financial from $90.00 to $82.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the medical device company’s stock. Truist Financial’s price target points to a potential upside of 14.68% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on the stock. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $80.00 to $97.00 in a research report on Thursday, January 9th. BTIG Research lifted their price target on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Wells Fargo & Company lowered their price objective on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Finally, 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. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $97.09.

Globus Medical Trading Down 0.9 %

Globus Medical stock traded down $0.64 during midday trading on Tuesday, hitting $71.50. 58,754 shares of the stock were exchanged, compared to its average volume of 1,308,846. Globus Medical has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The stock has a market capitalization of $9.83 billion, a price-to-earnings ratio of 95.34, a PEG ratio of 1.61 and a beta of 1.19. The stock’s 50-day simple moving average is $84.63 and its 200 day simple moving average is $79.80.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $646.19 million. Equities analysts anticipate that Globus Medical will post 3.44 EPS for the current fiscal year.

Insider Buying and Selling

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 18.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Globus Medical

A number of institutional investors have recently modified their holdings of GMED. SBI Securities Co. Ltd. purchased a new stake in shares of Globus Medical during the 4th quarter worth $27,000. Quarry LP boosted its position in shares of Globus Medical by 698.4% during the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after purchasing an additional 433 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Globus Medical by 60.2% during the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after purchasing an additional 206 shares in the last quarter. V Square Quantitative Management LLC boosted its position in shares of Globus Medical by 52.0% during the 4th quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock worth $48,000 after purchasing an additional 197 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of Globus Medical by 24.7% during the 4th quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock worth $55,000 after purchasing an additional 132 shares in the last quarter. 95.16% of the stock is 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.