Globus Medical (NYSE:GMED) Stock Gets Price Target Reduction from Truist Financial

Key Points

• Truist cut its Globus Medical price target from $100 to $90 but maintained a Buy rating; the new target implies 27.36% upside from the current share price.
• Analyst views are mixed but lean positive: MarketBeat reports a Moderate Buy consensus and an average price target of $96.08.
• Quarterly EPS of $1.23 topped estimates of $1.20, while revenue of $763.72 million missed expectations of $792.39 million and declined 0.7% year over year.

Globus Medical (NYSE:GMED - Get Free Report) had its price objective lowered by analysts at Truist Financial from $100.00 to $90.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the medical device company's stock. Truist Financial's price target would indicate a potential upside of 27.36% from the company's current price.

Other research analysts have also issued reports about the company. Canaccord Genuity Group reduced their price target on Globus Medical from $115.00 to $105.00 and set a "buy" rating for the company in a research report on Friday. Wall Street Zen cut Globus Medical from a "buy" rating to a "hold" rating in a research note on Saturday. Zacks Research raised Globus Medical from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. BTIG Research reiterated a "neutral" rating on shares of Globus Medical in a research note on Friday. Finally, Royal Bank Of Canada cut their target price on Globus Medical from $115.00 to $85.00 and set an "outperform" rating on the stock in a research note on Thursday, October 1st. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Globus Medical currently has a consensus rating of "Moderate Buy" and an average price target of $96.08.

Globus Medical Stock Performance

Shares of GMED opened at $70.67 on Monday. The company has a 50 day moving average price of $77.20 and a 200-day moving average price of $83.18. Globus Medical has a fifty-two week low of $70.39 and a fifty-two week high of $101.40. The stock has a market capitalization of $9.49 billion, a PE ratio of 17.36, a PEG ratio of 1.14 and a beta of 0.98.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings data on Thursday, November 5th. The medical device company reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.03. The firm had revenue of $763.72 million for the quarter, compared to the consensus estimate of $792.39 million. Globus Medical had a net margin of 17.76% and a return on equity of 14.43%. The company's quarterly revenue was down .7% on a year-over-year basis. During the same period last year, the firm earned $1.18 earnings per share. Globus Medical has set its FY 2026 guidance at 4.950-5.050 EPS. Equities research analysts forecast that Globus Medical will post 4.99 EPS for the current year.

Insider Buying and Selling at Globus Medical

In other news, Director James Tobin sold 30,000 shares of the company's stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $74.58, for a total transaction of $2,237,400.00. Following the transaction, the director directly owned 15,000 shares of the company's stock, valued at approximately $1,118,700. This represents a 66.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ann D. Rhoads sold 5,000 shares of the stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $85.00, for a total value of $425,000.00. Following the sale, the director owned 35,384 shares of the company's stock, valued at approximately $3,007,640. This represents a 12.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 60,000 shares of company stock worth $4,838,400 over the last three months. Corporate insiders own 18.38% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Washington Trust Advisors Inc. increased its holdings in shares of Globus Medical by 116.8% during the 2nd quarter. Washington Trust Advisors Inc. now owns 45,006 shares of the medical device company's stock valued at $3,556,000 after purchasing an additional 24,250 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Globus Medical in the 2nd quarter valued at $1,858,000. WCM Investment Management LLC acquired a new position in shares of Globus Medical in the 1st quarter valued at $16,965,000. Public Employees Retirement System of Ohio acquired a new position in shares of Globus Medical in the 2nd quarter valued at $7,941,000. Finally, Congress Asset Management Co. boosted its holdings in Globus Medical by 6.6% during the third quarter. Congress Asset Management Co. now owns 361,026 shares of the medical device company's stock worth $27,041,000 after buying an additional 22,401 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

About Globus Medical

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