Globus Medical (NYSE:GMED) Price Target Raised to $80.00

Globus Medical (NYSE:GMED) had its price objective increased by Bank of America from $55.00 to $80.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Bank of America currently has an underperform rating on the medical device company’s stock.

Other analysts also recently issued reports about the company. Barclays raised their target price on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Wells Fargo & Company raised Globus Medical from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $60.00 to $78.00 in a research report on Wednesday, August 7th. Royal Bank of Canada raised their price target on shares of Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Finally, Truist Financial upped their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy 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 $87.09.

Globus Medical Stock Down 1.3 %

Shares of NYSE GMED traded down $1.09 on Wednesday, hitting $80.88. The company had a trading volume of 1,804,199 shares, compared to its average volume of 934,414. Globus Medical has a 12-month low of $43.38 and a 12-month high of $84.87. The firm has a market capitalization of $10.95 billion, a P/E ratio of 120.72, a PEG ratio of 2.19 and a beta of 1.17. The business has a 50 day moving average of $72.28 and a two-hundred day moving average of $68.46.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same quarter last year, the company earned $0.57 earnings per share. Globus Medical’s revenue for the quarter was up 63.1% on a year-over-year basis. On average, sell-side analysts anticipate that Globus Medical will post 2.97 earnings per share for the current year.

Insider Activity at Globus Medical

In other Globus Medical news, SVP Kelly Huller sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Kelly Huller sold 5,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders sold a total of 110,000 shares of company stock valued at $8,512,850 in the last quarter. Insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Several hedge funds and other institutional investors have recently made changes to their positions in GMED. Stephens Inc. AR boosted its holdings in shares of Globus Medical by 3.4% in the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock valued at $303,000 after acquiring an additional 138 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Globus Medical by 2.5% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after purchasing an additional 140 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in Globus Medical by 15.9% during the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock worth $80,000 after buying an additional 160 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Globus Medical by 0.4% in the second quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock valued at $3,145,000 after buying an additional 183 shares in the last quarter. Finally, Central Pacific Bank Trust Division lifted its position in shares of Globus Medical by 6.2% during the 3rd quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock valued at $268,000 after acquiring an additional 220 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.