Globus Medical, Inc. (NYSE:GMED) Given Average Recommendation of “Moderate Buy” by Analysts

Globus Medical, Inc. (NYSE:GMED) has been assigned an average recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $90.09.

Several analysts have commented on the stock. Morgan Stanley lowered their price objective on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 15th. Wall Street Zen upgraded Globus Medical from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. Truist Financial reduced their price objective on Globus Medical from $80.00 to $68.00 and set a “hold” rating for the company in a report on Monday, May 12th. Canaccord Genuity Group lowered their target price on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, July 22nd. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Globus Medical in a research report on Tuesday, May 27th.

Globus Medical Stock Down 1.0%

GMED stock opened at $53.49 on Thursday. The firm has a market cap of $7.24 billion, a PE ratio of 39.92, a P/E/G ratio of 1.58 and a beta of 1.19. The business has a 50 day moving average of $57.78 and a 200-day moving average of $70.34. Globus Medical has a 12-month low of $51.87 and a 12-month high of $94.93.

Globus Medical (NYSE:GMED) last announced its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.06). The business had revenue of $598.12 million for the quarter, compared to analysts’ expectations of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.72 earnings per share. On average, research analysts expect that Globus Medical will post 3.44 earnings per share for the current year.

Globus Medical announced that its board has authorized a share repurchase plan on Thursday, May 15th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the medical device company to reacquire up to 6.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Globus Medical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC boosted its position in Globus Medical by 11.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 7,787 shares of the medical device company’s stock valued at $644,000 after acquiring an additional 831 shares in the last quarter. American Century Companies Inc. raised its position in shares of Globus Medical by 255.9% in the 4th quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company’s stock worth $8,588,000 after acquiring an additional 74,659 shares in the last quarter. LPL Financial LLC lifted its stake in shares of Globus Medical by 7.6% in the 4th quarter. LPL Financial LLC now owns 126,548 shares of the medical device company’s stock valued at $10,467,000 after purchasing an additional 8,987 shares during the period. Prudential Financial Inc. boosted its position in shares of Globus Medical by 29.6% during the fourth quarter. Prudential Financial Inc. now owns 15,906 shares of the medical device company’s stock valued at $1,316,000 after purchasing an additional 3,637 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its position in shares of Globus Medical by 290.3% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 18,823 shares of the medical device company’s stock valued at $1,557,000 after purchasing an additional 14,000 shares in the last quarter. 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.