Globus Medical, Inc. (NYSE:GMED) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Globus Medical, Inc. (NYSE:GMED) has earned a consensus rating of “Moderate Buy” from the nine ratings firms that are currently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $66.33.

Several brokerages recently weighed in on GMED. Truist Financial upped their price objective on Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Stifel Nicolaus upped their price objective on Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Royal Bank of Canada restated an “outperform” rating and set a $70.00 price objective on shares of Globus Medical in a research report on Thursday, January 11th. Finally, BTIG Research upgraded Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Monday, March 18th.

Globus Medical Stock Performance

GMED opened at $50.27 on Tuesday. The business has a fifty day simple moving average of $52.46 and a 200 day simple moving average of $51.19. The company has a market capitalization of $6.81 billion, a PE ratio of 42.97, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. Globus Medical has a 1 year low of $43.38 and a 1 year high of $62.88. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.88 and a quick ratio of 2.72.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, February 20th. The medical device company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. The firm had revenue of $616.53 million during the quarter, compared to the consensus estimate of $608.21 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The company’s revenue was up 124.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.59 EPS. Research analysts expect that Globus Medical will post 2.69 EPS for the current year.

Insider Buying and Selling

In related news, Director Leslie V. Norwalk sold 10,590 shares of Globus Medical stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the transaction, the director now directly owns 17,419 shares of the company’s stock, valued at $905,613.81. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 24.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of GMED. Commonwealth Equity Services LLC grew its stake in Globus Medical by 75.3% in the third quarter. Commonwealth Equity Services LLC now owns 10,424 shares of the medical device company’s stock valued at $518,000 after acquiring an additional 4,476 shares during the period. Xponance Inc. increased its stake in Globus Medical by 83.1% during the 3rd quarter. Xponance Inc. now owns 17,641 shares of the medical device company’s stock valued at $876,000 after purchasing an additional 8,008 shares in the last quarter. Raymond James & Associates raised its holdings in Globus Medical by 24.0% during the third quarter. Raymond James & Associates now owns 432,781 shares of the medical device company’s stock worth $21,488,000 after buying an additional 83,648 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Globus Medical by 80.0% in the third quarter. Bank of New York Mellon Corp now owns 2,406,682 shares of the medical device company’s stock valued at $119,492,000 after buying an additional 1,069,419 shares in the last quarter. Finally, New York State Teachers Retirement System grew its holdings in shares of Globus Medical by 61.2% during the third quarter. New York State Teachers Retirement System now owns 90,974 shares of the medical device company’s stock valued at $4,517,000 after buying an additional 34,522 shares during the last quarter. 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.