Brokerages Set Globus Medical, Inc. (NYSE:GMED) PT at $87.27

Globus Medical, Inc. (NYSE:GMED) has been given a consensus rating of “Moderate Buy” by the fourteen brokerages that are presently covering the company, MarketBeat reports. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $87.2727.

GMED has been the topic of several research reports. Morgan Stanley lowered their target price on Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a report on Tuesday, July 15th. Wells Fargo & Company lowered their target price on Globus Medical from $76.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Canaccord Genuity Group lowered their target price on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, July 22nd. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Globus Medical in a report on Wednesday, October 8th.

Globus Medical Price Performance

Shares of GMED stock opened at $59.61 on Tuesday. The business’s fifty day moving average price is $59.15 and its 200 day moving average price is $60.83. Globus Medical has a 1-year low of $51.79 and a 1-year high of $94.93. The firm has a market capitalization of $8.05 billion, a PE ratio of 22.93, a P/E/G ratio of 1.63 and a beta of 1.12.

Globus Medical (NYSE:GMED) last posted its earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.10. The company had revenue of $745.34 million for the quarter, compared to analyst estimates of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.Globus Medical’s revenue was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.75 earnings per share. Equities research analysts expect that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insider Activity at Globus Medical

In related news, Director Ann D. Rhoads sold 10,000 shares of the stock in a transaction on Monday, September 15th. The stock was 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 of the company’s stock, valued at $1,483,948.64. This trade represents a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 18.51% of the stock is currently owned by insiders.

Institutional Trading of Globus Medical

A number of large investors have recently made changes to their positions in GMED. Invesco Ltd. boosted its stake 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 valued at $147,949,000 after acquiring an additional 1,553,154 shares during the last quarter. Boston Trust Walden Corp acquired a new stake in shares of Globus Medical during the third quarter valued at $67,891,000. Norges Bank acquired a new stake in shares of Globus Medical during the second quarter valued at $68,038,000. Marshall Wace LLP boosted its stake in shares of Globus Medical by 89.7% during the second quarter. Marshall Wace LLP now owns 1,580,476 shares of the medical device company’s stock valued at $93,280,000 after acquiring an additional 747,330 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Globus Medical during the first quarter valued at $54,669,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.