Zacks Investment Research lowered shares of Globus Medical (NYSE:GMED) from a hold rating to a sell rating in a research report sent to investors on Wednesday.
According to Zacks, “Globus Medical, Inc. is a medical device company focused on the design, development and commercialization of products that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: innovative fusion or disruptive technologies. Its innovative fusion products address a broad range of spinal fusion surgical procedures. Its disruptive technology products include minimally invasive surgical, motion preservation and advanced biomaterials technologies. Globus Medical, Inc. is based in Audubon, Pennsylvania. “
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Other equities research analysts have also issued reports about the company. Morgan Stanley increased their target price on Globus Medical from $58.00 to $60.00 and gave the stock an overweight rating in a research report on Thursday, August 2nd. Oppenheimer set a $57.00 target price on Globus Medical and gave the stock a hold rating in a research report on Thursday, August 2nd. Needham & Company LLC increased their target price on Globus Medical from $58.00 to $65.00 and gave the stock a buy rating in a research report on Thursday, August 2nd. Finally, Bank of America lowered Globus Medical from a neutral rating to an underperform rating and set a $55.00 target price on the stock. in a research report on Wednesday, June 27th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, two have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Buy and an average target price of $54.73.
Shares of NYSE GMED opened at $51.46 on Wednesday. Globus Medical has a 1-year low of $28.36 and a 1-year high of $57.55. The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of 39.28, a P/E/G ratio of 2.91 and a beta of 0.63.
Globus Medical (NYSE:GMED) last issued its earnings results on Wednesday, August 1st. The medical device company reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.09. Globus Medical had a return on equity of 15.14% and a net margin of 19.91%. The firm had revenue of $173.40 million for the quarter, compared to analyst estimates of $168.03 million. During the same period last year, the company earned $0.32 earnings per share. The firm’s revenue for the quarter was up 13.8% on a year-over-year basis. Equities analysts anticipate that Globus Medical will post 1.55 EPS for the current fiscal year.
In other news, insider David C. Paul sold 6,841 shares of the firm’s stock in a transaction on Tuesday, July 17th. The stock was sold at an average price of $52.95, for a total transaction of $362,230.95. Following the transaction, the insider now directly owns 605,871 shares of the company’s stock, valued at $32,080,869.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 2,767,362 shares of company stock worth $149,971,303 over the last three months. Corporate insiders own 28.44% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. grew its holdings in Globus Medical by 44.9% during the second quarter. Russell Investments Group Ltd. now owns 82,655 shares of the medical device company’s stock worth $4,169,000 after acquiring an additional 25,607 shares during the period. Sei Investments Co. grew its holdings in Globus Medical by 28.2% during the second quarter. Sei Investments Co. now owns 48,546 shares of the medical device company’s stock worth $2,449,000 after acquiring an additional 10,681 shares during the period. Argent Capital Management LLC grew its holdings in Globus Medical by 8.8% during the second quarter. Argent Capital Management LLC now owns 92,960 shares of the medical device company’s stock worth $4,691,000 after acquiring an additional 7,550 shares during the period. MetLife Investment Advisors LLC grew its holdings in Globus Medical by 2.5% during the second quarter. MetLife Investment Advisors LLC now owns 78,832 shares of the medical device company’s stock worth $3,978,000 after acquiring an additional 1,942 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its holdings in Globus Medical by 4.0% during the second quarter. Oregon Public Employees Retirement Fund now owns 28,161 shares of the medical device company’s stock worth $1,421,000 after acquiring an additional 1,071 shares during the period. 63.87% of the stock is currently owned by institutional investors.
Globus Medical Company Profile
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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