Globus Medical (GMED) Sets New 1-Year High on Earnings Beat

Globus Medical Inc (NYSE:GMED) shares hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $57.83 and last traded at $57.69, with a volume of 38093 shares changing hands. The stock had previously closed at $56.83.

The medical device company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.06. Globus Medical had a net margin of 19.91% and a return on equity of 15.14%. The firm had revenue of $169.20 million during the quarter, compared to analysts’ expectations of $167.47 million. During the same period in the previous year, the company earned $0.30 earnings per share. The firm’s quarterly revenue was up 11.5% on a year-over-year basis.

A number of analysts have commented on GMED shares. Zacks Investment Research raised shares of Globus Medical from a “sell” rating to a “hold” rating in a report on Tuesday, October 16th. Morgan Stanley upped their target price on shares of Globus Medical from $60.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, September 25th. Oppenheimer set a $57.00 target price on shares of Globus Medical and gave the company a “hold” rating in a report on Thursday, August 2nd. Needham & Company LLC upped their target price on shares of Globus Medical from $58.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 2nd. Finally, Piper Jaffray Companies upped their target price on shares of Globus Medical to $62.00 and gave the company an “overweight” rating in a report on Friday. Two analysts have rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $56.00.

In other Globus Medical news, insider David C. Paul sold 2,053,330 shares of the company’s stock in a transaction that occurred on Tuesday, September 25th. The shares were sold at an average price of $54.26, for a total value of $111,413,685.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 28.44% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Broadview Advisors LLC bought a new position in shares of Globus Medical during the third quarter worth $7,245,000. Canada Pension Plan Investment Board boosted its position in shares of Globus Medical by 21.4% during the third quarter. Canada Pension Plan Investment Board now owns 591,300 shares of the medical device company’s stock worth $33,562,000 after acquiring an additional 104,400 shares during the last quarter. Trexquant Investment LP bought a new position in shares of Globus Medical during the third quarter worth $517,000. Godshalk Welsh Capital Management Inc. boosted its position in shares of Globus Medical by 60.5% during the third quarter. Godshalk Welsh Capital Management Inc. now owns 88,408 shares of the medical device company’s stock worth $5,018,000 after acquiring an additional 33,320 shares during the last quarter. Finally, FMR LLC boosted its position in shares of Globus Medical by 1.0% during the third quarter. FMR LLC now owns 936,453 shares of the medical device company’s stock worth $53,154,000 after acquiring an additional 8,871 shares during the last quarter. Institutional investors and hedge funds own 63.95% of the company’s stock.

The stock has a market capitalization of $5.58 billion, a price-to-earnings ratio of 37.14, a price-to-earnings-growth ratio of 2.91 and a beta of 0.65.

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Globus Medical Company Profile (NYSE:GMED)

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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