StockNews.com Downgrades Globus Medical (NYSE:GMED) to Hold

Globus Medical (NYSE:GMED) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

Other research analysts have also issued research reports about the company. BTIG Research raised their price objective on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Piper Sandler raised their price target on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Canaccord Genuity Group upped their price objective on Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Truist Financial raised their target price on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, Wells Fargo & Company upped their price target on shares of Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $88.18.

Globus Medical Trading Up 1.8 %

NYSE GMED opened at $83.33 on Wednesday. Globus Medical has a 12 month low of $44.02 and a 12 month high of $84.87. The stock has a market cap of $11.35 billion, a PE ratio of 124.37, a P/E/G ratio of 1.94 and a beta of 1.17. The stock’s 50 day moving average is $73.88 and its 200 day moving average is $70.26.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping the consensus estimate 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 quarterly revenue was up 63.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 earnings per share. On average, analysts forecast that Globus Medical will post 2.98 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP Kelly Huller sold 5,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold 110,000 shares of company stock valued at $8,512,850 in the last ninety days. 18.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Globus Medical

Hedge funds have recently added to or reduced their stakes in the stock. Swedbank AB boosted its holdings in shares of Globus Medical by 15.4% in the second quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after purchasing an additional 50,000 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in shares of Globus Medical by 17.9% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock worth $77,852,000 after buying an additional 172,605 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Globus Medical during the second quarter valued at $611,000. Bessemer Group Inc. raised its holdings in shares of Globus Medical by 26.4% in the first quarter. Bessemer Group Inc. now owns 34,951 shares of the medical device company’s stock valued at $1,875,000 after acquiring an additional 7,294 shares in the last quarter. Finally, AXA S.A. lifted its stake in Globus Medical by 0.5% in the second quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after acquiring an additional 7,443 shares during the period. 95.16% of the stock is currently 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.