Zacks Investment Research lowered shares of Globus Medical (NYSE:GMED) from a buy rating to a hold rating in a research report sent to investors on Tuesday 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 equities research analysts have also commented on the stock. UBS Group started coverage on shares of Globus Medical in a research note on Wednesday, November 28th. They set a neutral rating and a $55.00 price objective on the stock. Morgan Stanley boosted their price objective on shares of Globus Medical from $60.00 to $64.00 and gave the stock a buy rating in a research note on Tuesday, September 25th. ValuEngine lowered shares of Globus Medical from a strong-buy rating to a buy rating in a research note on Wednesday, November 28th. Oppenheimer set a $61.00 price objective on shares of Globus Medical and gave the stock a hold rating in a research note on Friday, November 9th. Finally, Cantor Fitzgerald set a $65.00 price objective on shares of Globus Medical and gave the stock a buy rating in a research note on Tuesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $56.50.
Shares of GMED traded down $0.68 during trading hours on Tuesday, reaching $42.18. 23,725 shares of the company traded hands, compared to its average volume of 990,724. The firm has a market capitalization of $4.20 billion, a price-to-earnings ratio of 32.15, a PEG ratio of 2.03 and a beta of 0.73. Globus Medical has a 12 month low of $38.01 and a 12 month high of $57.83.
Globus Medical (NYSE:GMED) last announced its earnings results on Thursday, November 8th. The medical device company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.06. The firm had revenue of $169.20 million for the quarter, compared to analyst estimates of $167.47 million. Globus Medical had a net margin of 20.79% and a return on equity of 15.36%. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.30 EPS. As a group, sell-side analysts expect that Globus Medical will post 1.62 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. grew its position 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 valued at $4,169,000 after buying an additional 25,607 shares during the period. Glenmede Trust Co. NA grew its position in Globus Medical by 56.0% during the third quarter. Glenmede Trust Co. NA now owns 5,187 shares of the medical device company’s stock valued at $294,000 after buying an additional 1,862 shares during the period. Empowered Funds LLC bought a new stake in Globus Medical during the third quarter valued at approximately $1,792,000. Acadian Asset Management LLC bought a new stake in Globus Medical during the third quarter valued at approximately $829,000. Finally, Verition Fund Management LLC bought a new stake in Globus Medical during the third quarter valued at approximately $279,000. 65.19% of the stock is owned by hedge funds and other 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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