Globus Medical (NYSE:GMED) Raised to "Buy" at StockNews.com

StockNews.com upgraded shares of Globus Medical (NYSE:GMED - Free Report) from a hold rating to a buy rating in a research report sent to investors on Monday.

GMED has been the subject of a number of other research reports. Wells Fargo & Company dropped their target price on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Piper Sandler reduced their target price on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Truist Financial lowered their price target on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a report on Monday. Barclays raised their price objective on Globus Medical from $100.00 to $103.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research report on Tuesday, March 18th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $94.00.

Globus Medical Stock Up 6.0%

Shares of NYSE GMED traded up $3.47 during trading on Monday, hitting $61.29. 4,006,795 shares of the company traded hands, compared to its average volume of 1,087,906. Globus Medical has a 1 year low of $54.48 and a 1 year high of $94.93. The company has a 50-day moving average price of $70.72 and a 200-day moving average price of $79.43. The firm has a market capitalization of $8.43 billion, a P/E ratio of 81.72, a P/E/G ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED - Get Free Report) last issued 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 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 4.09% and a return on equity of 10.83%. Globus Medical's revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.72 EPS. 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 approved a share repurchase plan on Thursday, May 15th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the medical device company to reacquire up to 6.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its stock is undervalued.

Institutional Investors Weigh In On Globus Medical

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