Globus Medical (NYSE:GMED) Stock Rating Lowered by Wall Street Zen

Key Points

• Globus Medical has been downgraded from a "buy" to a "hold" rating by Wall Street Zen, as part of several recent analysts' reviews affecting the stock price target.
• The company reported a quarterly earnings of $0.86 per share, exceeding analysts' expectations of $0.76, with revenue of $745.34 million, reflecting an 18.4% year-over-year increase.
• Despite the downgrade, the current consensus rating remains a "Moderate Buy," with an average price target of $87.64 among analysts.

Globus Medical (NYSE:GMED - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Friday.

GMED has been the subject of several other reports. Wells Fargo & Company cut their target price on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a report on Monday, July 21st. Barclays reissued an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Morgan Stanley reduced their price target on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Finally, Canaccord Genuity Group reduced their price target on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a report on Tuesday, July 22nd. Eight investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Globus Medical currently has a consensus rating of "Moderate Buy" and an average price target of $87.64.

Globus Medical Stock Up 1.0%

Shares of NYSE:GMED traded up $0.57 during trading on Friday, reaching $55.67. The stock had a trading volume of 1,276,206 shares, compared to its average volume of 1,188,005. Globus Medical has a 52 week low of $51.79 and a 52 week high of $94.93. The firm has a market capitalization of $7.52 billion, a price-to-earnings ratio of 21.41, a P/E/G ratio of 1.51 and a beta of 1.16. The stock has a fifty day simple moving average of $57.70 and a two-hundred day simple moving average of $62.42.

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

Insiders Place Their Bets

In other Globus Medical news, Director Ann D. Rhoads sold 10,000 shares of Globus Medical stock in a transaction on Monday, September 15th. The shares were sold at an average price of $58.46, for a total transaction of $584,600.00. Following the sale, the director owned 25,384 shares in the company, valued at $1,483,948.64. The trade was a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 18.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Globus Medical

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Globus Medical by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 10,909,082 shares of the medical device company's stock valued at $798,545,000 after purchasing an additional 45,248 shares in the last quarter. Burgundy Asset Management Ltd. boosted its stake in shares of Globus Medical by 24.3% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 3,481,438 shares of the medical device company's stock valued at $205,474,000 after purchasing an additional 679,691 shares in the last quarter. Sculptor Capital LP boosted its stake in shares of Globus Medical by 31.9% in the 2nd quarter. Sculptor Capital LP now owns 2,760,688 shares of the medical device company's stock valued at $162,936,000 after purchasing an additional 667,850 shares in the last quarter. William Blair Investment Management LLC boosted its stake in shares of Globus Medical by 5.8% in the 2nd quarter. William Blair Investment Management LLC now owns 2,405,031 shares of the medical device company's stock valued at $141,945,000 after purchasing an additional 131,244 shares in the last quarter. Finally, Geneva Capital Management LLC boosted its stake in shares of Globus Medical by 13.6% in the 2nd quarter. Geneva Capital Management LLC now owns 2,082,788 shares of the medical device company's stock valued at $122,926,000 after purchasing an additional 249,141 shares in the last quarter. 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.

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