Globus Medical's (GMED) Hold (C) Rating Reiterated at Weiss Ratings

Key Points

• Globus Medical's stock received a "hold (c)" rating reaffirmed by Weiss Ratings, amid mixed analyst sentiments with consensus indicating a "Moderate Buy."
• Despite recent downgrades, eight analysts continue to rate the stock as a Buy, while six have assigned a Hold rating, with an average price target of $87.64.
• Globus Medical reported a Quarterly EPS of $0.86, exceeding expectations and showing an 18.4% revenue increase year-on-year, amounting to $745.34 million.

Globus Medical (NYSE:GMED - Get Free Report)'s stock had its "hold (c)" rating reiterated by investment analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

Several other research analysts also recently commented on the company. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research note on Monday, July 21st. Canaccord Genuity Group cut their target price on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research note on Tuesday, July 22nd. Morgan Stanley cut their target price on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Finally, Wall Street Zen downgraded Globus Medical from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Globus Medical currently has a consensus rating of "Moderate Buy" and an average price target of $87.64.

Globus Medical Stock Performance

NYSE GMED opened at $60.48 on Wednesday. The business has a fifty day moving average price of $58.55 and a 200 day moving average price of $61.69. Globus Medical has a one year low of $51.79 and a one year high of $94.93. The company has a market cap of $8.17 billion, a P/E ratio of 23.26, a P/E/G ratio of 1.62 and a beta of 1.12.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $745.34 million during the quarter, compared to the consensus estimate of $738.91 million. During the same period in the prior year, the company earned $0.75 EPS. The firm's revenue was up 18.4% compared to the same quarter last year. As a group, sell-side analysts predict that Globus Medical will post 3.44 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ann D. Rhoads sold 10,000 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $58.46, for a total transaction of $584,600.00. Following the completion of the transaction, the director directly owned 25,384 shares in the company, valued at $1,483,948.64. This trade represents a 28.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 18.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Globus Medical

A number of hedge funds and other institutional investors have recently bought and sold shares of GMED. EverSource Wealth Advisors LLC boosted its holdings in Globus Medical by 74.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company's stock valued at $27,000 after acquiring an additional 197 shares during the period. Advisors Asset Management Inc. purchased a new position in Globus Medical during the 2nd quarter valued at about $28,000. Farther Finance Advisors LLC boosted its holdings in Globus Medical by 145.5% during the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after acquiring an additional 240 shares during the period. Larson Financial Group LLC boosted its stake in shares of Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock valued at $32,000 after buying an additional 393 shares during the period. Finally, CENTRAL TRUST Co purchased a new position in shares of Globus Medical in the 2nd quarter valued at about $39,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

About Globus Medical

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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