Globus Medical, Inc. (NYSE:GMED) Stock Rating Upgraded by Zacks Investment Research

Globus Medical, Inc. (NYSE:GMED) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, July 12th.

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. “

A number of other analysts have also recently commented on GMED. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday, March 22nd. BidaskClub cut shares of Globus Medical from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Globus Medical in a research note on Tuesday, July 11th. Canaccord Genuity set a $37.00 price objective on shares of Globus Medical and gave the company a “buy” rating in a research note on Thursday, May 18th. Finally, Barclays PLC reaffirmed a “sell” rating and set a $30.00 price objective on shares of Globus Medical in a research note on Monday, May 15th. Three analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. Globus Medical has a consensus rating of “Hold” and a consensus price target of $30.43.

Shares of Globus Medical (NYSE GMED) opened at 29.30 on Wednesday. The stock has a 50 day moving average price of $31.79 and a 200 day moving average price of $30.14. The firm has a market cap of $2.82 billion, a PE ratio of 26.40 and a beta of 0.60. Globus Medical has a 52 week low of $19.25 and a 52 week high of $34.03.

Globus Medical (NYSE:GMED) last released its earnings results on Wednesday, August 2nd. The medical device company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.02. The business had revenue of $152.39 million during the quarter, compared to analysts’ expectations of $150.94 million. Globus Medical had a net margin of 18.12% and a return on equity of 13.99%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.29 earnings per share. Equities analysts expect that Globus Medical will post $1.27 earnings per share for the current year.

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In other news, President Anthony L. Williams sold 16,153 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The shares were 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 approximately $515,926.82. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 28.21% of the company’s stock.

Institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. increased its stake in shares of Globus Medical by 1.2% in the second quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock valued at $100,000 after buying an additional 35 shares during the last quarter. Sei Investments Co. increased its stake in shares of Globus Medical by 18.9% in the second quarter. Sei Investments Co. now owns 3,165 shares of the medical device company’s stock valued at $105,000 after buying an additional 503 shares during the last quarter. Elkfork Partners LLC acquired a new stake in shares of Globus Medical during the first quarter valued at $114,000. Advisor Group Inc. increased its stake in shares of Globus Medical by 2.0% in the second quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock valued at $114,000 after buying an additional 68 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Globus Medical by 22.1% in the first quarter. Victory Capital Management Inc. now owns 4,590 shares of the medical device company’s stock valued at $136,000 after buying an additional 830 shares during the last quarter. Hedge funds and other institutional investors own 69.45% 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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