Globus Medical (NYSE:GMED) Sets New 1-Year High Following Strong Earnings

Globus Medical, Inc. (NYSE:GMED)’s stock price hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $64.73 and last traded at $63.20, with a volume of 2360412 shares changing hands. The stock had previously closed at $51.36.

The medical device company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.55 by $0.17. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The firm had revenue of $606.67 million for the quarter, compared to analyst estimates of $586.82 million. During the same period in the prior year, the business posted $0.53 EPS. The business’s revenue for the quarter was up 119.3% compared to the same quarter last year.

Analyst Ratings Changes

Several equities analysts have recently commented on GMED shares. BTIG Research upped their price objective on shares of Globus Medical from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday. Barclays increased their target price on shares of Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday. Truist Financial raised their price target on shares of Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Wednesday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price target on shares of Globus Medical in a research report on Thursday, January 11th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $66.50.

Insider Transactions at Globus Medical

In other news, Director Leslie V. Norwalk sold 10,590 shares of Globus Medical stock in a transaction on Friday, March 15th. The shares were sold at an average price of $51.99, for a total transaction of $550,574.10. Following the completion of the sale, the director now directly owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 24.30% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Institutional investors have recently modified their holdings of the company. Commonwealth Equity Services LLC raised its stake in Globus Medical by 75.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 10,424 shares of the medical device company’s stock worth $518,000 after acquiring an additional 4,476 shares in the last quarter. New York State Teachers Retirement System raised its stake in Globus Medical by 61.2% during the 3rd quarter. New York State Teachers Retirement System now owns 90,974 shares of the medical device company’s stock worth $4,517,000 after acquiring an additional 34,522 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Globus Medical by 52.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,993 shares of the medical device company’s stock worth $1,191,000 after acquiring an additional 8,206 shares in the last quarter. Advisor Partners II LLC acquired a new stake in Globus Medical during the 3rd quarter worth $441,000. Finally, Park Avenue Securities LLC acquired a new stake in Globus Medical during the 3rd quarter worth $331,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Price Performance

The company’s 50 day moving average is $52.71 and its 200 day moving average is $51.35. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $8.72 billion, a price-to-earnings ratio of 55.04, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11.

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.