Globus Medical (NYSE:GMED) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Globus Medical (NYSE:GMED) from a strong-buy rating to a buy rating in a research note published on Saturday.

A number of other brokerages also recently issued reports on GMED. Truist Financial reissued a “buy” rating and issued a $105.00 price target (up from $93.00) on shares of Globus Medical in a report on Tuesday, November 18th. Stifel Nicolaus assumed coverage on shares of Globus Medical in a research note on Tuesday, October 28th. They issued a “hold” rating and a $64.00 target price on the stock. Morgan Stanley raised their price target on shares of Globus Medical from $70.00 to $100.00 and gave the company an “overweight” rating in a report on Tuesday, December 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Globus Medical in a report on Wednesday, October 8th. Finally, Bank of America upgraded 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 report on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $92.82.

Globus Medical Price Performance

NYSE:GMED opened at $88.95 on Friday. Globus Medical has a 1 year low of $51.79 and a 1 year high of $94.93. The stock’s fifty day moving average price is $72.11 and its two-hundred day moving average price is $63.02. The company has a market cap of $11.91 billion, a P/E ratio of 28.69, a P/E/G ratio of 1.68 and a beta of 1.06.

Globus Medical (NYSE:GMED) last released its quarterly earnings data 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. Globus Medical had a return on equity of 11.52% and a net margin of 15.30%.The company had revenue of $769.05 million for the quarter, compared to analyst estimates of $734.58 million. During the same period in the previous year, the company posted $0.83 EPS. The firm’s revenue for the quarter was up 22.9% compared to the same quarter last year. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. On average, analysts expect that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David D. Davidar sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $86.00, for a total transaction of $2,150,000.00. Following the transaction, the director directly owned 516,275 shares of the company’s stock, valued at approximately $44,399,650. This trade represents a 4.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Kelly Huller sold 7,500 shares of the stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $90.00, for a total transaction of $675,000.00. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 96,042 shares of company stock valued at $8,003,630. 18.54% of the stock is owned by insiders.

Institutional Trading of Globus Medical

Several hedge funds have recently added to or reduced their stakes in the business. Advisory Services Network LLC bought a new position in shares of Globus Medical during the third quarter valued at about $26,000. EverSource Wealth Advisors LLC raised its position in Globus Medical by 74.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after purchasing an additional 197 shares during the last quarter. Advisors Asset Management Inc. bought a new position in shares of Globus Medical during the second quarter valued at approximately $28,000. First Horizon Corp purchased a new stake in Globus Medical in the third quarter worth $31,000. Finally, Parallel Advisors LLC increased its position in Globus Medical by 45.1% during the 3rd quarter. Parallel Advisors LLC now owns 557 shares of the medical device company’s stock valued at $32,000 after purchasing an additional 173 shares during the period. 95.16% of the stock is owned by institutional investors.

Globus Medical Company Profile

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.