Share Buyback Plan Authorized by Globus Medical (NYSE:GMED) Board

Globus Medical (NYSE:GMED) declared that its Board of Directors has initiated a share buyback plan on Thursday, May 15th, RTT News reports. The company plans to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the medical device company to repurchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts have recently issued reports on GMED shares. Truist Financial cut their price target on Globus Medical from $80.00 to $68.00 and set a “hold” rating on the stock in a report on Monday, May 12th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Wells Fargo & Company cut their price target on Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Barclays lifted their price target on Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Finally, StockNews.com upgraded Globus Medical from a “hold” rating to a “buy” rating in a report on Monday, May 12th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.00.

Globus Medical Price Performance

Globus Medical stock opened at $61.29 on Friday. The stock has a market capitalization of $8.43 billion, a price-to-earnings ratio of 81.72, a PEG ratio of 1.61 and a beta of 1.32. Globus Medical has a 1-year low of $54.48 and a 1-year high of $94.93. The business has a fifty day moving average price of $70.47 and a 200-day moving average price of $79.34.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.06). The business had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.72 EPS. On average, equities research analysts anticipate that Globus Medical will post 3.44 earnings per share for the current fiscal year.

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.