Globus Medical (GMED) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Globus Medical (NYSE:GMED) from a hold rating to a sell rating in a report released on Thursday 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. “

Several other research analysts have also recently commented on the stock. BTIG Research set a $45.00 price target on shares of Globus Medical and gave the stock a buy rating in a report on Tuesday, January 2nd. Morgan Stanley upgraded shares of Globus Medical from an equal weight rating to an overweight rating and set a $48.00 price target for the company in a report on Tuesday, January 2nd. Wells Fargo & Co upgraded shares of Globus Medical from a market perform rating to an outperform rating and set a $46.00 price target for the company in a report on Monday, December 4th. ValuEngine cut shares of Globus Medical from a buy rating to a hold rating in a report on Friday, December 1st. Finally, Gabelli reiterated a buy rating on shares of Globus Medical in a report on Tuesday, November 14th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. Globus Medical currently has a consensus rating of Hold and a consensus price target of $38.86.

Shares of Globus Medical (NYSE:GMED) traded up $1.37 during mid-day trading on Thursday, hitting $44.12. 776,116 shares of the company were exchanged, compared to its average volume of 534,917. The firm has a market capitalization of $4,252.11, a PE ratio of 35.30, a P/E/G ratio of 3.11 and a beta of 0.56. Globus Medical has a 52-week low of $24.70 and a 52-week high of $44.28.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, November 8th. The medical device company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. The firm had revenue of $151.74 million during the quarter, compared to analysts’ expectations of $150.73 million. Globus Medical had a net margin of 17.54% and a return on equity of 13.67%. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.29 earnings per share. sell-side analysts expect that Globus Medical will post 1.27 earnings per share for the current year.

In other news, insider A Brett Murphy sold 51,449 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $35.00, for a total value of $1,800,715.00. Following the completion of the transaction, the insider now owns 49,768 shares in the company, valued at approximately $1,741,880. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Steven Payne sold 3,076 shares of the company’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $39.30, for a total transaction of $120,886.80. Following the completion of the transaction, the chief accounting officer now owns 23,847 shares of the company’s stock, valued at approximately $937,187.10. The disclosure for this sale can be found here. Insiders have sold a total of 124,908 shares of company stock valued at $4,747,975 in the last quarter. 28.21% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. raised its position in Globus Medical by 1.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock valued at $100,000 after purchasing an additional 35 shares during the last quarter. Sei Investments Co. raised its position in Globus Medical by 18.9% in the 2nd quarter. Sei Investments Co. now owns 3,165 shares of the medical device company’s stock valued at $105,000 after purchasing an additional 503 shares during the last quarter. Advisor Group Inc. raised its position in Globus Medical by 2.0% in the 2nd quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock valued at $114,000 after purchasing an additional 68 shares during the last quarter. Victory Capital Management Inc. raised its position in Globus Medical by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 5,398 shares of the medical device company’s stock valued at $179,000 after purchasing an additional 808 shares during the last quarter. Finally, Citigroup Inc. raised its position in Globus Medical by 2.8% in the 2nd quarter. Citigroup Inc. now owns 5,950 shares of the medical device company’s stock valued at $197,000 after purchasing an additional 161 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

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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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