Globus Medical, Inc. (NYSE:GMED) Given Consensus Rating of "Moderate Buy" by Analysts

Globus Medical, Inc. (NYSE:GMED - Get Free Report) has earned a consensus rating of "Moderate Buy" from the thirteen research firms that are currently covering the company, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $94.00.

Several equities analysts have commented on GMED shares. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Wall Street Zen raised shares of Globus Medical from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Barclays reissued an "overweight" rating on shares of Globus Medical in a research report on Tuesday. Truist Financial dropped their price objective on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research note on Monday, May 12th. Finally, BTIG Research restated a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th.

Institutional Trading of Globus Medical

Several institutional investors have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. bought a new position in Globus Medical during the fourth quarter valued at approximately $27,000. Farther Finance Advisors LLC boosted its position in Globus Medical by 145.5% in the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after purchasing an additional 240 shares during the last quarter. Larson Financial Group LLC boosted its position in Globus Medical by 1,007.7% in the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after purchasing an additional 393 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Globus Medical by 62.1% during the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after purchasing an additional 193 shares during the period. Finally, Versant Capital Management Inc increased its position in shares of Globus Medical by 932.1% during the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock valued at $40,000 after purchasing an additional 494 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Price Performance

GMED stock traded down $0.21 during trading on Wednesday, reaching $60.59. The company had a trading volume of 117,005 shares, compared to its average volume of 1,111,977. Globus Medical has a 52 week low of $54.48 and a 52 week high of $94.93. The business has a 50 day moving average of $65.73 and a 200 day moving average of $76.77. The company has a market cap of $8.20 billion, a P/E ratio of 80.79, a PEG ratio of 1.61 and a beta of 1.20.

Globus Medical (NYSE:GMED - Get Free Report) last announced its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.06). The firm had revenue of $598.12 million during the quarter, compared to the consensus estimate of $629.74 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The firm's revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.72 EPS. Research analysts expect that Globus Medical will post 3.44 earnings per share for the current year.

Globus Medical declared that its board has initiated a stock repurchase plan on Thursday, May 15th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the medical device company to repurchase up to 6.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

About Globus Medical

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.