Globus Medical (NYSE:GMED) Upgraded by StockNews.com to Buy Rating

Globus Medical (NYSE:GMED) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Tuesday.

Other research analysts have also recently issued research reports about the company. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Thursday, January 9th. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $83.00 to $100.00 in a report on Monday, December 2nd. BTIG Research increased their price objective 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. Wells Fargo & Company boosted their price target on Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Finally, Bank of America raised Globus Medical from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $80.00 to $97.00 in a report on Thursday, January 9th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and a consensus target price of $96.91.

Globus Medical Stock Performance

GMED traded up $0.94 during midday trading on Tuesday, reaching $92.92. The company had a trading volume of 960,211 shares, compared to its average volume of 1,287,818. The stock has a market cap of $12.65 billion, a PE ratio of 138.69, a P/E/G ratio of 1.78 and a beta of 1.19. The business has a 50-day moving average price of $85.31 and a two-hundred day moving average price of $76.99. Globus Medical has a 12-month low of $49.33 and a 12-month high of $93.67.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The company had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. Globus Medical’s revenue was up 63.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 EPS. On average, research analysts anticipate that Globus Medical will post 2.98 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the business’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 a total of 81,667 shares of company stock valued at $6,674,554 in the last quarter. 18.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp increased its stake in Globus Medical by 2.3% in the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after purchasing an additional 81,371 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Globus Medical by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock valued at $134,893,000 after acquiring an additional 21,935 shares during the period. Geneva Capital Management LLC boosted its stake in Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after purchasing an additional 18,117 shares during the period. Parsifal Capital Management LP boosted its stake in Globus Medical by 50.5% in the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after purchasing an additional 453,053 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Globus Medical by 29.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,238,603 shares of the medical device company’s stock worth $88,610,000 after purchasing an additional 285,172 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

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.