Globus Medical (NYSE:GMED) Hits New 1-Year High – Here’s Why

Globus Medical, Inc. (NYSE:GMED)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $92.42 and last traded at $92.33, with a volume of 1546402 shares trading hands. The stock had previously closed at $90.80.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on GMED shares. Piper Sandler lifted their price objective on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Royal Bank of Canada lifted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Roth Mkm upped their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Truist Financial lifted their target price on shares of Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Finally, BTIG Research boosted their target price on Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $96.91.

Globus Medical Stock Down 1.0 %

The business has a fifty day moving average of $84.64 and a 200 day moving average of $76.45. The firm has a market cap of $12.59 billion, a P/E ratio of 137.94, a P/E/G ratio of 1.76 and a beta of 1.19.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. During the same period last year, the company posted $0.57 EPS. Globus Medical’s revenue for the quarter was up 63.1% on a year-over-year basis. On average, sell-side analysts expect that Globus Medical, Inc. will post 2.98 EPS for the current fiscal year.

Insider Activity

In other news, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The disclosure for this sale can be found here. Insiders have sold a total of 81,667 shares of company stock worth $6,674,554 over the last three months. Corporate insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Institutional investors and hedge funds have recently made changes to their positions in the stock. V Square Quantitative Management LLC bought a new position in shares of Globus Medical in the third quarter valued at $27,000. Quarry LP grew its position in shares of Globus Medical by 698.4% in the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after acquiring an additional 433 shares during the period. Farther Finance Advisors LLC grew its position in shares of Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after acquiring an additional 385 shares during the period. UMB Bank n.a. increased its stake in shares of Globus Medical by 60.2% during the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after purchasing an additional 206 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Globus Medical by 40.7% in the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock valued at $64,000 after purchasing an additional 257 shares during the period. Institutional investors own 95.16% of the company’s stock.

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.