Wells Fargo & Co Cuts Globus Medical (NYSE:GMED) Price Target to $50.00

Globus Medical (NYSE:GMED) had its price target trimmed by Wells Fargo & Co from $63.00 to $50.00 in a research note released on Monday, BenzingaRatingsTable reports. They currently have an overweight rating on the medical device company’s stock.

GMED has been the topic of several other research reports. BTIG Research upgraded shares of Globus Medical from a neutral rating to a buy rating and set a $46.00 target price on the stock in a research note on Wednesday, March 18th. Zacks Investment Research cut shares of Globus Medical from a hold rating to a sell rating and set a $45.00 target price on the stock. in a report on Tuesday, March 31st. UBS Group boosted their target price on shares of Globus Medical from $61.00 to $67.00 and gave the company a buy rating in a research note on Wednesday, December 18th. Morgan Stanley cut their price objective on Globus Medical from $60.00 to $48.00 and set an equal weight rating for the company in a report on Friday, March 27th. Finally, SunTrust Banks started coverage on Globus Medical in a research report on Tuesday, January 7th. They issued a buy rating and a $67.00 target price on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $56.56.

Shares of Globus Medical stock opened at $48.32 on Monday. The company has a 50-day simple moving average of $43.74 and a two-hundred day simple moving average of $51.60. The stock has a market capitalization of $4.44 billion, a PE ratio of 31.58, a price-to-earnings-growth ratio of 2.29 and a beta of 1.00. Globus Medical has a 52-week low of $33.41 and a 52-week high of $60.15.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.03). Globus Medical had a return on equity of 13.01% and a net margin of 19.76%. The firm had revenue of $211.67 million during the quarter, compared to analysts’ expectations of $211.11 million. During the same quarter in the previous year, the firm earned $0.43 earnings per share. Globus Medical’s revenue was up 8.0% on a year-over-year basis. On average, research analysts forecast that Globus Medical will post 1.71 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of GMED. Norges Bank bought a new position in shares of Globus Medical during the 4th quarter valued at approximately $59,642,000. AXA boosted its position in shares of Globus Medical by 57.1% in the fourth quarter. AXA now owns 1,220,124 shares of the medical device company’s stock worth $71,841,000 after purchasing an additional 443,562 shares during the period. Panagora Asset Management Inc. increased its stake in shares of Globus Medical by 2,409.7% in the fourth quarter. Panagora Asset Management Inc. now owns 233,298 shares of the medical device company’s stock worth $13,737,000 after purchasing an additional 224,002 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Globus Medical by 59.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 434,622 shares of the medical device company’s stock valued at $25,591,000 after purchasing an additional 162,559 shares during the period. Finally, Madison Asset Management LLC bought a new position in Globus Medical in the 4th quarter worth $8,980,000. 67.46% of the stock is currently owned by hedge funds and other institutional investors.

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 a variety of musculoskeletal pathologies, anatomies, and surgical approaches.

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Analyst Recommendations for Globus Medical (NYSE:GMED)

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