BMO Capital Markets Increases Global Medical REIT (NYSE:XRN) Price Target to $40.00

Key Points

• BMO Capital Markets raised its price target on Global Medical REIT from $39.00 to $40.00 while keeping a market perform rating. The new target implies about 10.2% upside from the stock’s current price.
• Overall analyst sentiment is mixed, but the stock’s consensus rating is Moderate Buy with a consensus price target of $40.25. Other recent actions included a higher target from Citizens JMP, while some firms maintained neutral or bearish views.
• Global Medical REIT shares opened at $36.30, below the 52-week high of $39.93, and the company has seen recent insider buying from its CEO and a director. Institutional investors also hold a majority of the stock, owning 57.52%.

Global Medical REIT (NYSE:XRN - Get Free Report) had its target price upped by research analysts at BMO Capital Markets from $39.00 to $40.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "market perform" rating on the stock. BMO Capital Markets' price target points to a potential upside of 10.19% from the stock's current price.

Other analysts have also issued reports about the company. Raymond James Financial initiated coverage on Global Medical REIT in a research note on Wednesday, June 17th. They issued a "market perform" rating on the stock. Weiss Ratings upgraded shares of Global Medical REIT from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, July 6th. Citizens Jmp raised their target price on shares of Global Medical REIT from $40.00 to $42.00 and gave the stock a "market outperform" rating in a research report on Tuesday, May 26th. Wall Street Zen downgraded shares of Global Medical REIT from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Finally, Compass Point reaffirmed a "neutral" rating and set a $38.00 price target (down from $50.00) on shares of Global Medical REIT in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.25.

Global Medical REIT Stock Performance

Shares of XRN opened at $36.30 on Monday. Global Medical REIT has a 1 year low of $29.05 and a 1 year high of $39.93. The company's 50 day simple moving average is $35.98 and its 200 day simple moving average is $35.49. The company has a market capitalization of $480.28 million, a price-to-earnings ratio of -32.70 and a beta of 1.10. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.68 and a current ratio of 0.68.

Insider Buying and Selling

In related news, CEO Mark Okey Decker, Jr. purchased 5,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average cost of $33.94 per share, for a total transaction of $169,700.00. Following the acquisition, the chief executive officer owned 59,774 shares in the company, valued at approximately $2,028,729.56. This trade represents a 9.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Cypher acquired 1,420 shares of the business's stock in a transaction on Thursday, May 14th. The stock was bought at an average cost of $35.12 per share, for a total transaction of $49,870.40. Following the completion of the transaction, the director directly owned 1,690 shares of the company's stock, valued at $59,352.80. This trade represents a 525.93% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have acquired 10,974 shares of company stock valued at $373,826. 8.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Global Medical REIT

Institutional investors and hedge funds have recently bought and sold shares of the stock. Invesco Ltd. raised its stake in shares of Global Medical REIT by 4.2% during the fourth quarter. Invesco Ltd. now owns 310,432 shares of the company's stock valued at $10,474,000 after purchasing an additional 12,471 shares during the period. Mackenzie Financial Corp purchased a new position in shares of Global Medical REIT in the fourth quarter valued at $563,000. XTX Topco Ltd acquired a new stake in Global Medical REIT during the 4th quarter valued at $515,000. Tudor Investment Corp ET AL acquired a new stake in Global Medical REIT during the 4th quarter valued at $930,000. Finally, Clifford Capital Partners LLC grew its holdings in Global Medical REIT by 31.3% during the 4th quarter. Clifford Capital Partners LLC now owns 14,694 shares of the company's stock valued at $496,000 after purchasing an additional 3,504 shares in the last quarter. Hedge funds and other institutional investors own 57.52% of the company's stock.

Global Medical REIT Company Profile

Global Medical REIT NYSE: GMRE is a real estate investment trust focused on owning and managing healthcare-related properties across the United States. The company acquires, develops and leases a diversified portfolio of medical office buildings, outpatient facilities, long-term care centers and other specialized healthcare real estate. By concentrating on essential healthcare assets, Global Medical REIT seeks to generate stable, long-term rental income under triple-net and modified gross lease structures.

Since its incorporation in 2016 and initial public offering in 2017, the company has pursued an acquisitive growth strategy targeting markets with strong demographic trends and limited supply of modern medical facilities.

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