Globus Medical (GMED) Raised to Outperform at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Globus Medical (NYSE:GMED) from a market perform rating to an outperform rating in a research note released on Monday, Marketbeat reports. The brokerage currently has $46.00 target price on the medical device company’s stock.

Several other brokerages have also weighed in on GMED. ValuEngine lowered shares of Globus Medical from a buy rating to a hold rating in a research report on Friday, December 1st. Gabelli restated a buy rating on shares of Globus Medical in a research report on Tuesday, November 14th. BTIG Research set a $42.00 target price on shares of Globus Medical and gave the stock a buy rating in a research report on Monday, November 20th. Zacks Investment Research upgraded shares of Globus Medical from a sell rating to a hold rating in a research report on Friday, November 10th. Finally, BidaskClub upgraded shares of Globus Medical from a hold rating to a buy rating in a research report on Tuesday, November 14th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $36.83.

Globus Medical (NYSE:GMED) opened at $39.11 on Monday. The stock has a market cap of $3,882.99, a PE ratio of 32.23, a P/E/G ratio of 3.14 and a beta of 0.58. Globus Medical has a 1-year low of $23.04 and a 1-year high of $41.70.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Wednesday, November 8th. The medical device company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. The firm had revenue of $151.74 million during the quarter, compared to analysts’ expectations of $150.73 million. Globus Medical had a net margin of 17.54% and a return on equity of 13.67%. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.29 earnings per share. analysts anticipate that Globus Medical will post 1.27 EPS for the current fiscal year.

In other news, Director David D. Davidar sold 55,383 shares of the stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $40.66, for a total value of $2,251,872.78. Following the sale, the director now directly owns 752,236 shares in the company, valued at $30,585,915.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider A Brett Murphy sold 51,449 shares of the stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $35.00, for a total transaction of $1,800,715.00. Following the completion of the sale, the insider now owns 49,768 shares in the company, valued at $1,741,880. The disclosure for this sale can be found here. 28.21% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in GMED. SG Americas Securities LLC boosted its position in Globus Medical by 19.9% during the second quarter. SG Americas Securities LLC now owns 47,862 shares of the medical device company’s stock worth $1,587,000 after acquiring an additional 7,937 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Globus Medical by 26.2% during the second quarter. Goldman Sachs Group Inc. now owns 166,090 shares of the medical device company’s stock worth $5,505,000 after acquiring an additional 34,513 shares during the last quarter. Vanguard Group Inc. boosted its position in Globus Medical by 1.4% during the second quarter. Vanguard Group Inc. now owns 5,712,043 shares of the medical device company’s stock worth $189,355,000 after acquiring an additional 76,345 shares during the last quarter. AJO LP acquired a new stake in Globus Medical during the second quarter worth approximately $1,262,000. Finally, Russell Investments Group Ltd. boosted its position in Globus Medical by 20.8% during the second quarter. Russell Investments Group Ltd. now owns 165,030 shares of the medical device company’s stock worth $5,471,000 after acquiring an additional 28,437 shares during the last quarter. Institutional investors and hedge funds own 72.20% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: This piece of content was first posted by Sports Perspectives and is the property of of Sports Perspectives. If you are accessing this piece of content on another domain, it was illegally copied and reposted in violation of international trademark & copyright legislation. The legal version of this piece of content can be accessed at https://sportsperspectives.com/2017/12/07/globus-medical-gmed-raised-to-outperform-at-wells-fargo-company.html.

Globus Medical Company Profile

Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.

Analyst Recommendations for Globus Medical (NYSE:GMED)

Receive News & Ratings for Globus Medical Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globus Medical Inc and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply