Globus Medical (NYSE:GMED) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Globus Medical (NYSE:GMED) from a neutral rating to a buy rating in a research note published on Friday, MarketBeat Ratings reports. The brokerage currently has $91.00 target price on the medical device company’s stock, up from their previous target price of $65.00.

A number of other brokerages also recently issued reports on GMED. Weiss Ratings reissued a “hold (c)” rating on shares of Globus Medical in a research report on Wednesday, October 8th. Canaccord Genuity Group lowered their target price on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, July 22nd. Stifel Nicolaus initiated coverage on shares of Globus Medical in a research note on Tuesday, October 28th. They issued a “hold” rating and a $64.00 price target on the stock. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Finally, Royal Bank Of Canada set a $88.00 target price on shares of Globus Medical in a report on Friday, October 10th. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.82.

Globus Medical Stock Performance

Shares of NYSE GMED traded up $22.28 during midday trading on Friday, reaching $83.99. 12,468,141 shares of the stock were exchanged, compared to its average volume of 1,459,207. The stock has a market capitalization of $11.34 billion, a P/E ratio of 32.31, a PEG ratio of 1.68 and a beta of 1.15. The company has a 50 day simple moving average of $59.83 and a 200 day simple moving average of $60.01. Globus Medical has a twelve month low of $51.79 and a twelve month high of $94.93.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, November 6th. The medical device company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.39. The firm had revenue of $769.05 million for the quarter, compared to analysts’ expectations of $734.58 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The firm’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.83 earnings per share. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. On average, research analysts expect that Globus Medical will post 3.44 earnings per share for the current year.

Insiders Place Their Bets

In other Globus Medical news, Director Ann D. Rhoads sold 10,000 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $58.46, for a total transaction of $584,600.00. Following the sale, the director directly owned 25,384 shares in the company, valued at $1,483,948.64. This represents a 28.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 18.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Globus Medical

Institutional investors have recently modified their holdings of the business. Envestnet Asset Management Inc. grew its position in shares of Globus Medical by 49.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 413,366 shares of the medical device company’s stock valued at $30,258,000 after buying an additional 136,955 shares during the last quarter. Inspire Investing LLC acquired a new position in Globus Medical in the first quarter valued at $767,000. Foresight Group Ltd Liability Partnership acquired a new position in Globus Medical in the first quarter valued at $11,995,000. Amundi grew its holdings in shares of Globus Medical by 642,750.0% during the first quarter. Amundi now owns 25,714 shares of the medical device company’s stock worth $1,852,000 after purchasing an additional 25,710 shares during the last quarter. Finally, Pinnacle Wealth Management LLC acquired a new stake in shares of Globus Medical during the first quarter worth about $664,000. 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.