Globus Medical, Inc. (NYSE:GMED) Receives $90.09 Consensus Target Price from Analysts

Globus Medical, Inc. (NYSE:GMED - Get Free Report) has earned an average rating of "Moderate Buy" from the thirteen research firms that are covering the company, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $90.09.

A number of research firms recently commented on GMED. Truist Financial decreased their price target on Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research report on Monday, May 12th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Canaccord Genuity Group cut their price target on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a report on Tuesday, July 22nd. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. Finally, Barclays restated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Berry Wealth Group LP lifted its holdings in Globus Medical by 4.2% in the first quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock valued at $260,000 after buying an additional 144 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Globus Medical by 2.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock worth $479,000 after acquiring an additional 150 shares during the period. HB Wealth Management LLC raised its position in shares of Globus Medical by 4.7% during the 1st quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company's stock valued at $278,000 after acquiring an additional 170 shares during the last quarter. Whittier Trust Co. lifted its stake in shares of Globus Medical by 46.5% in the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock valued at $42,000 after purchasing an additional 184 shares during the period. Finally, Parallel Advisors LLC boosted its position in shares of Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after purchasing an additional 193 shares during the last quarter. Institutional investors own 95.16% of the company's stock.

Globus Medical Price Performance

Shares of GMED traded down $0.03 during trading hours on Thursday, hitting $52.60. The stock had a trading volume of 1,651,266 shares, compared to its average volume of 1,436,789. The stock has a market capitalization of $7.12 billion, a price-to-earnings ratio of 39.25, a P/E/G ratio of 1.56 and a beta of 1.19. The company's fifty day moving average is $57.66 and its two-hundred day moving average is $70.10. 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 released its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). The firm had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. Globus Medical's quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.72 earnings per share. Equities analysts predict that Globus Medical will post 3.44 EPS for the current fiscal year.

Globus Medical declared that its board has initiated a share repurchase plan on Thursday, May 15th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the medical device company to repurchase up to 6.3% of its stock through open market purchases. Stock buyback plans are generally an indication 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.