Globus Medical, Inc. (NYSE:GMED) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Globus Medical, Inc. (NYSE:GMED) from a sell rating to a hold rating in a research report report published on Wednesday morning.

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. “

GMED has been the subject of a number of other reports. Leerink Swann upgraded Globus Medical from a market perform rating to an outperform rating in a research report on Wednesday, April 12th. Oppenheimer Holdings, Inc. restated a hold rating on shares of Globus Medical in a research report on Thursday, May 18th. Canaccord Genuity upgraded Globus Medical from a hold rating to a buy rating and upped their price target for the company from $30.00 to $37.00 in a research report on Thursday, May 4th. BidaskClub lowered Globus Medical from a buy rating to a hold rating in a research report on Tuesday, July 11th. Finally, Barclays PLC restated a sell rating and issued a $30.00 price target on shares of Globus Medical in a research report on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. Globus Medical has a consensus rating of Hold and a consensus target price of $28.89.

Globus Medical (NYSE GMED) traded down 0.12% during trading on Wednesday, hitting $32.34. The stock had a trading volume of 249,176 shares. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of 29.67 and a beta of 0.62. Globus Medical has a 12 month low of $19.25 and a 12 month high of $34.03. The stock has a 50 day moving average price of $32.08 and a 200-day moving average price of $28.83.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Wednesday, May 3rd. The medical device company reported $0.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.02. Globus Medical had a return on equity of 14.15% and a net margin of 18.09%. The company had revenue of $155.81 million during the quarter. On average, equities analysts predict that Globus Medical will post $1.27 EPS for the current year.

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In related news, President Anthony L. Williams sold 16,153 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $31.94, for a total value of $515,926.82. Following the transaction, the president now directly owns 16,153 shares in the company, valued at $515,926.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 28.21% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Globus Medical by 22,983.1% in the first quarter. BlackRock Inc. now owns 7,387,282 shares of the medical device company’s stock worth $218,812,000 after buying an additional 7,355,279 shares during the period. Vanguard Group Inc. boosted its stake in shares of Globus Medical by 4.5% in the first quarter. Vanguard Group Inc. now owns 5,635,698 shares of the medical device company’s stock valued at $166,929,000 after buying an additional 240,257 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Globus Medical by 2.3% in the first quarter. Bank of New York Mellon Corp now owns 2,629,315 shares of the medical device company’s stock valued at $77,878,000 after buying an additional 58,811 shares during the last quarter. State Street Corp boosted its stake in shares of Globus Medical by 3.6% in the first quarter. State Street Corp now owns 2,246,728 shares of the medical device company’s stock valued at $66,545,000 after buying an additional 77,604 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Globus Medical by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,831,360 shares of the medical device company’s stock valued at $54,244,000 after buying an additional 44,421 shares during the last quarter. Hedge funds and other institutional investors own 68.91% of the company’s stock.

About Globus Medical

Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.

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