Globus Medical (NYSE:GMED) Given New $90.00 Price Target at Canaccord Genuity Group

Globus Medical (NYSE:GMED - Get Free Report) had its target price dropped by analysts at Canaccord Genuity Group from $97.00 to $90.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the medical device company's stock. Canaccord Genuity Group's price objective would suggest a potential upside of 65.30% from the company's previous close.

Other research analysts have also recently issued research reports about the stock. BTIG Research restated a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Morgan Stanley cut their price objective on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. JMP Securities restated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Piper Sandler cut their price target on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Finally, Truist Financial cut their price target 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 research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $90.09.

Globus Medical Stock Up 2.2%

NYSE GMED traded up $1.16 on Tuesday, hitting $54.45. 1,399,229 shares of the stock were exchanged, compared to its average volume of 1,443,064. Globus Medical has a fifty-two week low of $51.87 and a fifty-two week high of $94.93. The company has a market cap of $7.37 billion, a PE ratio of 40.63, a PEG ratio of 1.58 and a beta of 1.19. The company has a 50-day moving average price of $58.33 and a 200-day moving average price of $71.21.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.06). Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The firm had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. During the same quarter last year, the firm earned $0.72 EPS. The company's revenue was down 1.4% on a year-over-year basis. As a group, equities research analysts predict that Globus Medical will post 3.44 EPS for the current fiscal year.

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

Hedge Funds Weigh In On Globus Medical

Hedge funds and other institutional investors have recently modified their holdings of the company. Farther Finance Advisors LLC lifted its holdings 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 period. Larson Financial Group LLC lifted its holdings 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 period. Parallel Advisors LLC lifted its holdings in Globus Medical by 62.1% in the first 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 period. Versant Capital Management Inc lifted its holdings in Globus Medical by 932.1% in the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after purchasing an additional 494 shares during the period. Finally, Whittier Trust Co. lifted its holdings in Globus Medical by 46.5% in the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after purchasing an additional 184 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

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.