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Globus Medical's (GMED) "Market Perform" Rating Reaffirmed at JMP Securities

Globus Medical logo with Medical background

Globus Medical (NYSE:GMED - Get Free Report)'s stock had its "market perform" rating reaffirmed by investment analysts at JMP Securities in a research report issued on Tuesday,Benzinga reports.

Several other equities research analysts have also issued reports on GMED. Truist Financial dropped their target price on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research report on Monday, May 12th. Piper Sandler lowered their price objective on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Stifel Nicolaus upped their target price on shares of Globus Medical from $92.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. Wells Fargo & Company lowered their price target on Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research note on Tuesday, March 18th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $94.00.

Get Our Latest Analysis on GMED

Globus Medical Stock Up 0.5%

Shares of GMED stock traded up $0.29 on Tuesday, reaching $59.18. The company's stock had a trading volume of 1,177,509 shares, compared to its average volume of 1,113,268. The company has a market capitalization of $8.01 billion, a P/E ratio of 78.91, a PEG ratio of 1.61 and a beta of 1.32. Globus Medical has a 12-month low of $54.48 and a 12-month high of $94.93. The stock's 50 day simple moving average is $67.79 and its 200-day simple moving average is $78.03.

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 for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). The business 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%. Globus Medical's revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.72 earnings per share. Research analysts expect that Globus Medical will post 3.44 EPS for the current year.

Globus Medical announced that its board has authorized a share repurchase plan on Thursday, May 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the medical device company to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Institutional Investors Weigh In On Globus Medical

Institutional investors have recently bought and sold shares of the stock. Invesco Ltd. lifted its position in Globus Medical by 331.9% in the first quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company's stock valued at $147,949,000 after purchasing an additional 1,553,154 shares during the last quarter. Norges Bank bought a new stake in Globus Medical during the 4th quarter valued at $117,102,000. RTW Investments LP purchased a new stake in Globus Medical during the 4th quarter valued at $80,394,000. Iron Triangle Partners LP bought a new stake in Globus Medical in the 4th quarter worth $69,808,000. Finally, Polar Capital Holdings Plc purchased a new position in shares of Globus Medical in the fourth quarter valued at about $63,762,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Company Profile

(Get Free Report)

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.

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