Globus Medical (NYSE:GMED) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Globus Medical (NYSE:GMED) had its price target boosted by equities researchers at Royal Bank Of Canada from $88.00 to $92.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the medical device company’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 9.53% from the stock’s current price.

Other analysts have also issued research reports about the stock. Stifel Nicolaus initiated coverage on shares of Globus Medical in a research report on Tuesday, October 28th. They issued a “hold” rating and a $64.00 price objective on the stock. Canaccord Genuity Group lowered their price target on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, July 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Globus Medical in a research report on Wednesday, October 8th. Bank of America upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $65.00 to $91.00 in a research note on Friday. Finally, Truist Financial upgraded Globus Medical from a “hold” rating to a “buy” rating and raised their price objective for the company from $65.00 to $93.00 in a report on Friday. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $87.82.

Globus Medical Price Performance

GMED stock opened at $83.99 on Friday. The stock has a market capitalization of $11.34 billion, a P/E ratio of 32.31, a P/E/G ratio of 1.68 and a beta of 1.15. Globus Medical has a fifty-two week low of $51.79 and a fifty-two week high of $94.93. The business has a 50-day moving average of $59.83 and a 200-day moving average of $59.94.

Globus Medical (NYSE:GMED) last announced its earnings results on Thursday, November 6th. The medical device company reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.39. The business had revenue of $769.05 million for the quarter, compared to analyst estimates of $734.58 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.Globus Medical’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.83 EPS. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. Equities analysts expect that Globus Medical will post 3.44 EPS for the current year.

Insider Transactions at Globus Medical

In related news, Director Ann D. Rhoads sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the completion of the sale, the director directly owned 25,384 shares in the company, valued at approximately $1,483,948.64. This trade represents a 28.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 18.51% of the company’s stock.

Institutional Trading of Globus Medical

Several institutional investors and hedge funds have recently bought and sold shares of the business. HB Wealth Management LLC lifted its position in shares of Globus Medical by 4.7% in the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company’s stock valued at $278,000 after buying an additional 170 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Globus Medical by 2.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 6,316 shares of the medical device company’s stock valued at $375,000 after acquiring an additional 170 shares during the period. Whittier Trust Co. lifted its holdings in Globus Medical by 46.5% during the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock valued at $42,000 after purchasing an additional 184 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Globus Medical by 14.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,438 shares of the medical device company’s stock valued at $82,000 after purchasing an additional 184 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Globus Medical by 74.3% during the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock worth $27,000 after purchasing an additional 197 shares during the period. Institutional investors own 95.16% of the company’s stock.

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.