Globus Medical (NYSE:GMED) Price Target Raised to $70.00

Globus Medical (NYSE:GMED) had its price target upped by Stifel Nicolaus from $64.00 to $70.00 in a research report released on Wednesday, Benzinga reports. They currently have a buy rating on the medical device company’s stock.

Several other research analysts have also commented on GMED. Royal Bank of Canada reissued an outperform rating and set a $70.00 price objective on shares of Globus Medical in a report on Thursday, January 11th. Truist Financial increased their price objective on Globus Medical from $58.00 to $60.00 and gave the company a hold rating in a research note on Wednesday, February 21st. Needham & Company LLC restated a hold rating on shares of Globus Medical in a report on Wednesday. Finally, BTIG Research upgraded Globus Medical from a neutral rating to a buy rating and set a $60.00 price objective for the company in a report on Monday, March 18th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $66.60.

Globus Medical Stock Up 0.5 %

GMED traded up $0.28 during mid-day trading on Wednesday, reaching $62.01. 344,320 shares of the stock were exchanged, compared to its average volume of 1,163,810. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88. The stock has a market capitalization of $8.39 billion, a PE ratio of 52.66, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The company has a 50 day moving average price of $52.50 and a two-hundred day moving average price of $51.26. Globus Medical has a 1 year low of $43.38 and a 1 year high of $65.74.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business had revenue of $606.67 million for the quarter, compared to analysts’ expectations of $586.82 million. During the same period in the previous year, the business posted $0.53 EPS. The firm’s quarterly revenue was up 119.3% compared to the same quarter last year. As a group, research analysts anticipate that Globus Medical will post 2.69 EPS for the current year.

Insider Buying and Selling

In other news, Director Leslie V. Norwalk sold 10,590 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the transaction, the director now directly owns 17,419 shares in the company, valued at $905,613.81. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 24.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Globus Medical

Several hedge funds and other institutional investors have recently made changes to their positions in GMED. Radnor Capital Management LLC raised its position in Globus Medical by 0.7% in the first quarter. Radnor Capital Management LLC now owns 29,101 shares of the medical device company’s stock valued at $1,561,000 after purchasing an additional 215 shares during the period. Envestnet Portfolio Solutions Inc. raised its position in Globus Medical by 3.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 7,094 shares of the medical device company’s stock valued at $378,000 after purchasing an additional 244 shares during the period. Allworth Financial LP grew its stake in shares of Globus Medical by 25.7% in the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock valued at $66,000 after buying an additional 254 shares in the last quarter. Retirement Systems of Alabama grew its stake in shares of Globus Medical by 0.3% in the first quarter. Retirement Systems of Alabama now owns 144,866 shares of the medical device company’s stock valued at $7,771,000 after buying an additional 380 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in shares of Globus Medical by 4.6% in the third quarter. Fifth Third Bancorp now owns 8,868 shares of the medical device company’s stock valued at $440,000 after buying an additional 387 shares in the last quarter. Hedge funds and other 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.