Truist Financial Has Lowered Expectations for Globus Medical (NYSE:GMED) Stock Price

Globus Medical (NYSE:GMED) had its price objective cut by Truist Financial from $80.00 to $68.00 in a research report report published on Monday morning,Benzinga reports. They currently have a hold rating on the medical device company’s stock.

A number of other brokerages have also weighed in on GMED. Barclays upped their price objective on Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Piper Sandler dropped their price objective on Globus Medical from $100.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday. Finally, Wells Fargo & Company dropped their price objective on Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $94.00.

Globus Medical Trading Up 5.7%

NYSE:GMED opened at $58.98 on Monday. The firm has a market cap of $8.11 billion, a P/E ratio of 78.64, a PEG ratio of 1.61 and a beta of 1.32. The stock’s 50 day simple moving average is $71.82 and its 200-day simple moving average is $79.84. Globus Medical has a 12-month low of $54.48 and a 12-month high of $94.93.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.06). Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. During the same period in the previous year, the firm posted $0.72 EPS. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. Research analysts forecast that Globus Medical will post 3.44 EPS for the current fiscal year.

Institutional Trading of Globus Medical

Institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new stake in Globus Medical during the fourth quarter worth $27,000. Farther Finance Advisors LLC lifted its position in shares of Globus Medical by 145.5% in the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company’s stock valued at $30,000 after acquiring an additional 240 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of Globus Medical by 1,007.7% in the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock valued at $32,000 after acquiring an additional 393 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Globus Medical by 62.1% in the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company’s stock valued at $37,000 after acquiring an additional 193 shares in the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of Globus Medical by 932.1% in the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company’s stock valued at $40,000 after acquiring an additional 494 shares in the last quarter. 95.16% of the stock is currently 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.