Globus Medical (NYSE:GMED) had its price target upped by Leerink Swann from $61.00 to $65.00 in a report released on Friday, The Fly reports. They currently have an outperform rating on the medical device company’s stock.
Several other research firms have also commented on GMED. Zacks Investment Research upgraded Globus Medical from a sell rating to a hold rating in a research note on Tuesday, October 16th. Morgan Stanley boosted their price objective on Globus Medical from $60.00 to $64.00 and gave the stock a buy rating in a research note on Tuesday, September 25th. Oppenheimer set a $57.00 price objective on Globus Medical and gave the stock a hold rating in a research note on Thursday, August 2nd. Needham & Company LLC boosted their price objective on Globus Medical from $58.00 to $65.00 and gave the stock a buy rating in a research note on Thursday, August 2nd. Finally, Piper Jaffray Companies boosted their price objective on Globus Medical to $62.00 and gave the stock an overweight rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $56.00.
NYSE:GMED traded down $5.58 during trading hours on Friday, hitting $51.86. 1,770,028 shares of the stock were exchanged, compared to its average volume of 734,760. Globus Medical has a 52-week low of $34.45 and a 52-week high of $57.83. The firm has a market cap of $5.58 billion, a P/E ratio of 37.14, a price-to-earnings-growth ratio of 2.91 and a beta of 0.65.
In other news, Chairman David C. Paul sold 707,191 shares of the company’s stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $54.01, for a total value of $38,195,385.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 28.44% of the stock is owned by corporate insiders.
Several hedge funds have recently bought and sold shares of GMED. UBS Group AG grew its position in Globus Medical by 13.6% in the first quarter. UBS Group AG now owns 42,051 shares of the medical device company’s stock worth $2,095,000 after acquiring an additional 5,030 shares during the period. Legal & General Group Plc grew its position in Globus Medical by 11.2% in the first quarter. Legal & General Group Plc now owns 71,530 shares of the medical device company’s stock worth $3,563,000 after acquiring an additional 7,215 shares during the period. Principal Financial Group Inc. grew its position in Globus Medical by 3.3% in the first quarter. Principal Financial Group Inc. now owns 362,540 shares of the medical device company’s stock worth $18,062,000 after acquiring an additional 11,481 shares during the period. Allianz Asset Management GmbH purchased a new position in Globus Medical in the first quarter worth approximately $6,537,000. Finally, Mckinley Capital Management LLC Delaware grew its position in Globus Medical by 37.4% in the second quarter. Mckinley Capital Management LLC Delaware now owns 6,758 shares of the medical device company’s stock worth $341,000 after acquiring an additional 1,838 shares during the period. Institutional investors and hedge funds own 63.95% of the company’s stock.
About Globus Medical
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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