Todays Report: The Globus Medical Inc. (NYSE:GMED) Receives $26.11 Average PT from Brokerages

The Globus Medical Inc. (NYSE:GMED) Receives $26.11 Average PT from Brokerages

Shares of Globus Medical Inc. (NYSE:GMED) have been given an average rating of “Hold” by the thirteen ratings firms that are presently covering the company. Three research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and five have given a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $26.11.

Several analysts have recently commented on the company. Zacks Investment Research cut Globus Medical from a “hold” rating to a “sell” rating in a report on Wednesday, September 28th. Canaccord Genuity cut Globus Medical from a “buy” rating to a “hold” rating and decreased their target price for the stock from $30.00 to $28.00 in a report on Wednesday, July 27th. Barclays PLC decreased their target price on Globus Medical from $26.00 to $25.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 27th. Morgan Stanley cut Globus Medical from an “overweight” rating to an “equal weight” rating in a report on Wednesday, July 27th. Finally, Oppenheimer Holdings Inc. set a $29.00 target price on Globus Medical and gave the stock a “buy” rating in a report on Wednesday, July 27th.

In other Globus Medical news, insider A Brett Murphy sold 107,692 shares of the stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $23.37, for a total value of $2,516,762.04. Following the transaction, the insider now owns 190,917 shares of the company’s stock, valued at $4,461,730.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 27.93% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in GMED. Fox Run Management L.L.C. raised its position in Globus Medical by 0.5% in the second quarter. Fox Run Management L.L.C. now owns 20,100 shares of the medical device company’s stock valued at $479,000 after buying an additional 100 shares during the last quarter. State Board of Administration of Florida Retirement System raised its position in Globus Medical by 0.5% in the second quarter. State Board of Administration of Florida Retirement System now owns 23,699 shares of the medical device company’s stock valued at $565,000 after buying an additional 127 shares during the last quarter. American International Group Inc. raised its position in Globus Medical by 0.4% in the second quarter. American International Group Inc. now owns 40,339 shares of the medical device company’s stock valued at $961,000 after buying an additional 141 shares during the last quarter. LPL Financial LLC raised its position in Globus Medical by 0.3% in the first quarter. LPL Financial LLC now owns 52,396 shares of the medical device company’s stock valued at $1,242,000 after buying an additional 152 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in Globus Medical by 2.0% in the second quarter. ProShare Advisors LLC now owns 8,570 shares of the medical device company’s stock valued at $204,000 after buying an additional 168 shares during the last quarter. 95.05% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical (NYSE:GMED) opened at 22.94 on Thursday. Globus Medical has a 52 week low of $21.15 and a 52 week high of $28.60. The stock has a market cap of $2.19 billion, a PE ratio of 18.80 and a beta of 0.61. The company has a 50-day moving average price of $22.86 and a 200-day moving average price of $23.68.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, July 26th. The medical device company reported $0.29 EPS for the quarter, hitting the consensus estimate of $0.29. The company had revenue of $137.49 million for the quarter, compared to analysts’ expectations of $141.78 million. Globus Medical had a return on equity of 15.43% and a net margin of 21.19%. The company’s revenue was up 2.9% compared to the same quarter last year. Analysts anticipate that Globus Medical will post $1.20 earnings per share for the current year.

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