BTIG Research Reiterates Neutral Rating for Globus Medical (NYSE:GMED)

Globus Medical (NYSE:GMED - Get Free Report)'s stock had its "neutral" rating reissued by research analysts at BTIG Research in a research note issued on Tuesday, Marketbeat Ratings reports.

A number of other equities analysts also recently commented on GMED. Wall Street Zen upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Wells Fargo & Company reduced their target price on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. Barclays boosted their target price on shares of Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Finally, Truist Financial reduced their target price on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a report on Monday, May 12th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $94.00.

Globus Medical Price Performance

Shares of GMED stock traded down $0.47 during mid-day trading on Tuesday, hitting $58.74. The stock had a trading volume of 1,105,258 shares, compared to its average volume of 1,111,972. Globus Medical has a 12-month low of $54.48 and a 12-month high of $94.93. The firm's 50-day moving average is $68.49 and its two-hundred day moving average is $78.36. The firm has a market capitalization of $7.95 billion, a P/E ratio of 78.32, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32.

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

Globus Medical declared that its board has initiated a stock buyback plan on Thursday, May 15th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the medical device company to reacquire up to 6.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On Globus Medical

Several hedge funds have recently modified their holdings of the stock. KBC Group NV boosted its position in Globus Medical by 1.5% in the fourth quarter. KBC Group NV now owns 46,183 shares of the medical device company's stock valued at $3,820,000 after buying an additional 678 shares during the last quarter. Pacer Advisors Inc. boosted its position in Globus Medical by 1.5% in the fourth quarter. Pacer Advisors Inc. now owns 24,792 shares of the medical device company's stock valued at $2,051,000 after buying an additional 370 shares during the last quarter. Swedbank AB boosted its position in Globus Medical by 18.9% in the fourth quarter. Swedbank AB now owns 475,489 shares of the medical device company's stock valued at $39,328,000 after buying an additional 75,489 shares during the last quarter. Precision Wealth Strategies LLC purchased a new stake in Globus Medical in the fourth quarter valued at approximately $479,000. Finally, Berry Wealth Group LP boosted its position in Globus Medical by 5.1% in the fourth quarter. Berry Wealth Group LP now owns 3,409 shares of the medical device company's stock valued at $282,000 after buying an additional 164 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

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.