Globus Medical, Inc. (NYSE:GMED) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Globus Medical, Inc. has received a consensus rating of "Moderate Buy" from 13 brokerages, with a target price of $87.64, showing confidence in the company's stock.
• Director Ann D. Rhoads sold 10,000 shares of GMED stock at an average price of $58.46, indicating a significant decrease in her ownership by 28.26%.
• The company's recent earnings report showed a profit of $0.86 per share, exceeding expectations, and a revenue increase of 18.4% compared to the previous year.

Shares of Globus Medical, Inc. (NYSE:GMED - Get Free Report) have been given a consensus rating of "Moderate Buy" by the thirteen ratings firms that are currently covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $87.6364.

A number of analysts have weighed in on GMED shares. Canaccord Genuity Group cut their price target on Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research note on Tuesday, July 22nd. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. BTIG Research reaffirmed a "neutral" 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 report on Saturday, September 13th. Finally, JMP Securities reissued a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th.

Insider Transactions at Globus Medical

In other Globus Medical news, Director Ann D. Rhoads sold 10,000 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $58.46, for a total value of $584,600.00. Following the sale, the director owned 25,384 shares of the company's stock, valued at approximately $1,483,948.64. This represents a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 18.54% of the company's stock.

Hedge Funds Weigh In On Globus Medical

A number of hedge funds have recently made changes to their positions in GMED. Envestnet Asset Management Inc. grew its holdings in Globus Medical by 49.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 413,366 shares of the medical device company's stock worth $30,258,000 after acquiring an additional 136,955 shares in the last quarter. Illinois Municipal Retirement Fund bought a new stake in Globus Medical in the first quarter valued at about $587,000. New York State Teachers Retirement System raised its stake in Globus Medical by 1.2% during the first quarter. New York State Teachers Retirement System now owns 88,143 shares of the medical device company's stock valued at $6,452,000 after buying an additional 1,027 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Globus Medical in the 1st quarter worth approximately $753,000. Finally, GAMMA Investing LLC increased its holdings in shares of Globus Medical by 20.3% in the 1st quarter. GAMMA Investing LLC now owns 1,514 shares of the medical device company's stock valued at $111,000 after acquiring an additional 256 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Globus Medical Price Performance

Globus Medical stock traded up $0.99 during trading on Friday, reaching $56.90. 1,064,412 shares of the company were exchanged, compared to its average volume of 1,103,412. The stock's 50 day simple moving average is $57.77 and its two-hundred day simple moving average is $62.78. The company has a market capitalization of $7.68 billion, a P/E ratio of 21.88, a PEG ratio of 1.53 and a beta of 1.16. Globus Medical has a 52-week low of $51.79 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.10. The firm had revenue of $745.34 million for the quarter, compared to analyst estimates of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. Globus Medical's revenue was up 18.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.75 EPS. As a group, equities analysts forecast that Globus Medical will post 3.44 earnings per share for the current year.

Globus Medical Company Profile

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.