Globus Medical, Inc. (NYSE:GMED) Receives $94.00 Consensus Target Price from Brokerages

Globus Medical, Inc. (NYSE:GMED) has been given an average recommendation of “Moderate Buy” by the twelve analysts that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $94.00.

A number of brokerages have recently weighed in on GMED. 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, May 12th. Piper Sandler dropped 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. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 18th. Wall Street Zen raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Monday, May 12th. Finally, Stifel Nicolaus increased their price objective on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, February 21st.

Institutional Trading of Globus Medical

Several large investors have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. bought a new position in shares of Globus Medical in the fourth quarter worth $27,000. Farther Finance Advisors LLC lifted its holdings in Globus Medical by 145.5% in the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company’s stock worth $30,000 after purchasing an additional 240 shares during the period. Larson Financial Group LLC grew its position in 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 in the last quarter. Parallel Advisors LLC increased its stake in Globus Medical by 62.1% during the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company’s stock valued at $37,000 after buying an additional 193 shares during the period. Finally, Versant Capital Management Inc increased its stake in Globus Medical by 932.1% during the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company’s stock valued at $40,000 after buying an additional 494 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Stock Performance

GMED opened at $59.00 on Friday. The company has a market capitalization of $8.11 billion, a P/E ratio of 78.66, a PEG ratio of 1.61 and a beta of 1.32. The company has a 50-day moving average of $69.35 and a 200-day moving average of $78.83. Globus Medical has a 1-year low of $54.48 and a 1-year high of $94.93.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.06). Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The firm had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. During the same quarter last year, the business posted $0.72 earnings per share. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. As a group, sell-side analysts expect that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its Board of Directors has initiated a share repurchase program on Thursday, May 15th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the medical device company to repurchase up to 6.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.