Globus Medical (NYSE:GMED) Price Target Raised to $63.00 at BTIG Research

Globus Medical (NYSE:GMED) had its target price upped by equities researchers at BTIG Research from $60.00 to $63.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the medical device company’s stock. BTIG Research’s price target would indicate a potential upside of 0.51% from the stock’s current price.

Several other analysts also recently commented on GMED. Truist Financial upped their price objective on Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. Stifel Nicolaus upped their target price on Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday. Royal Bank of Canada restated an “outperform” rating and set a $70.00 price objective on shares of Globus Medical in a research report on Thursday, January 11th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.60.

Globus Medical Stock Performance

Shares of NYSE GMED traded up $11.32 during midday trading on Wednesday, reaching $62.68. The company had a trading volume of 4,156,588 shares, compared to its average volume of 1,144,137. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. The business’s 50-day simple moving average is $52.36 and its 200 day simple moving average is $51.19. Globus Medical has a 1 year low of $43.38 and a 1 year high of $65.74. The stock has a market cap of $8.48 billion, a P/E ratio of 53.62, a P/E/G ratio of 1.53 and a beta of 1.11.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.17. The business had revenue of $606.67 million for the quarter, compared to analyst estimates of $586.82 million. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The company’s revenue for the quarter was up 119.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.53 earnings per share. On average, analysts forecast that Globus Medical will post 2.69 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Leslie V. Norwalk sold 10,590 shares of Globus Medical stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the transaction, the director now directly owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 24.30% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Several large investors have recently made changes to their positions in GMED. Radnor Capital Management LLC raised its position in shares of Globus Medical by 0.7% in the first quarter. Radnor Capital Management LLC now owns 29,101 shares of the medical device company’s stock worth $1,561,000 after buying an additional 215 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in Globus Medical by 3.6% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 7,094 shares of the medical device company’s stock worth $378,000 after acquiring an additional 244 shares during the last quarter. Allworth Financial LP increased its stake in shares of Globus Medical by 25.7% during the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock valued at $66,000 after buying an additional 254 shares during the period. Retirement Systems of Alabama increased its position in shares of Globus Medical by 0.3% during the first quarter. Retirement Systems of Alabama now owns 144,866 shares of the medical device company’s stock valued at $7,771,000 after buying an additional 380 shares during the period. Finally, Fifth Third Bancorp boosted its position in shares of Globus Medical by 4.6% during the third quarter. Fifth Third Bancorp now owns 8,868 shares of the medical device company’s stock valued at $440,000 after purchasing an additional 387 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.