Globus Medical (NYSE:GMED) Rating Increased to Buy at Wall Street Zen

Key Points

• Globus Medical was upgraded from a "hold" to a "buy" rating by Wall Street Zen, with eight analysts rating it as a buy and five as hold.
• The company's stock price opened at $58.73 and has seen a twelve-month low of $51.79 and a high of $94.93.
• Globus Medical reported $0.86 earnings per share for its last quarter, exceeding expectations and marking an 18.4% revenue increase compared to the previous year.

Wall Street Zen upgraded shares of Globus Medical (NYSE:GMED - Free Report) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

GMED has been the subject of several other research reports. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Barclays reissued an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Morgan Stanley dropped their price target on Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research note on Monday, July 21st. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Globus Medical presently has an average rating of "Moderate Buy" and an average target price of $87.64.

Globus Medical Stock Performance

Shares of GMED traded down $0.77 during mid-day trading on Friday, reaching $57.07. 462,417 shares of the company were exchanged, compared to its average volume of 1,397,134. The business has a 50 day simple moving average of $57.84 and a two-hundred day simple moving average of $63.48. The stock has a market capitalization of $7.71 billion, a PE ratio of 21.97, a PEG ratio of 1.59 and a beta of 1.16. Globus Medical has a 52 week low of $51.79 and a 52 week high of $94.93.

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

Insider Transactions at Globus Medical

In other news, Director Ann D. Rhoads sold 10,000 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the completion of the sale, the director owned 25,384 shares in the company, valued at $1,483,948.64. This represents a 28.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 18.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GMED. Berry Wealth Group LP lifted its position in shares of Globus Medical by 4.2% during the 1st quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock worth $260,000 after buying an additional 144 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Globus Medical by 2.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock valued at $479,000 after purchasing an additional 150 shares during the period. HB Wealth Management LLC lifted its holdings in shares of Globus Medical by 4.7% in the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company's stock worth $278,000 after buying an additional 170 shares in the last quarter. Whittier Trust Co. boosted its holdings in Globus Medical by 46.5% in the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock valued at $42,000 after purchasing an additional 184 shares during the period. Finally, Parallel Advisors LLC grew its position in Globus Medical by 62.1% during the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after buying an additional 193 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.