Globus Medical Inc (GMED) Receives $54.55 Consensus Price Target from Brokerages

Globus Medical Inc (NYSE:GMED) has been given an average recommendation of “Buy” by the fifteen brokerages that are currently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $54.55.

GMED has been the subject of several research analyst reports. Morgan Stanley raised their price objective on shares of Globus Medical from $53.00 to $58.00 and gave the stock a “buy” rating in a report on Thursday, May 3rd. Needham & Company LLC raised their price objective on shares of Globus Medical from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Thursday, May 3rd. Zacks Investment Research upgraded shares of Globus Medical from a “hold” rating to a “buy” rating and set a $59.00 price objective for the company in a report on Tuesday, April 24th. Oppenheimer set a $52.00 price objective on shares of Globus Medical and gave the stock a “hold” rating in a report on Thursday, May 3rd. Finally, BTIG Research restated a “neutral” rating and issued a $37.00 price objective on shares of Globus Medical in a report on Monday, April 16th.

In other news, VP Eric Schwartz sold 10,000 shares of Globus Medical stock in a transaction that occurred on Monday, June 25th. The shares were sold at an average price of $53.79, for a total transaction of $537,900.00. Following the completion of the transaction, the vice president now directly owns 10,000 shares in the company, valued at $537,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David C. Paul sold 6,841 shares of Globus Medical stock in a transaction that occurred on Tuesday, July 17th. The shares were sold at an average price of $52.95, for a total transaction of $362,230.95. Following the transaction, the insider now owns 605,871 shares of the company’s stock, valued at $32,080,869.45. The disclosure for this sale can be found here. Insiders sold 159,279 shares of company stock valued at $8,889,746 over the last 90 days. 28.44% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Retirement Systems of Alabama increased its position in shares of Globus Medical by 1.2% during the second quarter. Retirement Systems of Alabama now owns 94,901 shares of the medical device company’s stock valued at $4,789,000 after acquiring an additional 1,150 shares in the last quarter. Strs Ohio increased its position in shares of Globus Medical by 3.7% during the second quarter. Strs Ohio now owns 33,300 shares of the medical device company’s stock valued at $1,680,000 after acquiring an additional 1,200 shares in the last quarter. Amalgamated Bank increased its position in shares of Globus Medical by 15.1% during the second quarter. Amalgamated Bank now owns 11,684 shares of the medical device company’s stock valued at $590,000 after acquiring an additional 1,531 shares in the last quarter. Profund Advisors LLC increased its position in shares of Globus Medical by 15.9% during the first quarter. Profund Advisors LLC now owns 11,467 shares of the medical device company’s stock valued at $571,000 after acquiring an additional 1,574 shares in the last quarter. Finally, Denver Investment Advisors LLC grew its position in Globus Medical by 6.2% in the 1st quarter. Denver Investment Advisors LLC now owns 27,454 shares of the medical device company’s stock worth $1,368,000 after purchasing an additional 1,602 shares during the period. 62.62% of the stock is owned by institutional investors.

Shares of Globus Medical traded down $0.06, reaching $52.35, during trading on Tuesday, Marketbeat reports. 748,681 shares of the stock were exchanged, compared to its average volume of 519,690. The firm has a market cap of $5.15 billion, a P/E ratio of 39.96, a P/E/G ratio of 2.68 and a beta of 0.57. Globus Medical has a 1 year low of $27.79 and a 1 year high of $57.55.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Wednesday, August 1st. The medical device company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.09. Globus Medical had a net margin of 19.91% and a return on equity of 15.14%. The business had revenue of $173.40 million during the quarter, compared to analyst estimates of $168.03 million. During the same period last year, the business posted $0.32 earnings per share. Globus Medical’s quarterly revenue was up 13.8% compared to the same quarter last year. sell-side analysts anticipate that Globus Medical will post 1.55 earnings per share for the current year.

About Globus Medical

Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.

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Analyst Recommendations for Globus Medical (NYSE:GMED)

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