Globus Medical (NYSE:GMED) Hits New 1-Year High on Earnings Beat

Globus Medical, Inc. (NYSE:GMED) shares reached a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $76.13 and last traded at $75.91, with a volume of 128286 shares traded. The stock had previously closed at $74.72.

The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The company had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter last year, the business posted $0.57 EPS. The firm’s revenue for the quarter was up 63.1% compared to the same quarter last year.

Analysts Set New Price Targets

Several equities analysts have recently commented on GMED shares. Bank of America boosted their price objective on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday. Piper Sandler lifted their target price on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday. Canaccord Genuity Group lifted their target price on Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday. Roth Mkm reissued a “buy” rating and set a $100.00 price objective on shares of Globus Medical in a research note on Wednesday. Finally, Truist Financial boosted their price objective on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $87.09.

Insider Activity at Globus Medical

In related news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.54% of the stock is owned by company insiders.

Institutional Trading of Globus Medical

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Globus Medical by 37.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,293 shares of the medical device company’s stock worth $1,679,000 after acquiring an additional 8,534 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Globus Medical by 26.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 35,640 shares of the medical device company’s stock worth $1,912,000 after acquiring an additional 7,565 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in Globus Medical in the first quarter valued at approximately $308,000. GSA Capital Partners LLP purchased a new position in Globus Medical in the first quarter valued at approximately $429,000. Finally, Texas Permanent School Fund Corp lifted its position in shares of Globus Medical by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 100,964 shares of the medical device company’s stock worth $5,416,000 after buying an additional 1,311 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

The stock has a market capitalization of $11.20 billion, a PE ratio of 275.67, a P/E/G ratio of 2.06 and a beta of 1.17. The stock’s 50-day moving average is $71.92 and its 200 day moving average is $68.16.

About Globus Medical

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.