Morgan Stanley Upgrades Globus Medical (NYSE:GMED) to Overweight

Globus Medical (NYSE:GMED) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Monday, Marketbeat reports. The brokerage presently has a $100.00 target price on the medical device company’s stock, up from their prior target price of $83.00. Morgan Stanley’s target price would suggest a potential upside of 17.51% from the stock’s previous close.

GMED has been the subject of a number of other reports. Wells Fargo & Company lifted their price target on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. BTIG Research lifted their target price on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Royal Bank of Canada increased their price target on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Piper Sandler lifted their price objective on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Finally, StockNews.com downgraded Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Globus Medical has an average rating of “Moderate Buy” and a consensus target price of $89.73.

Globus Medical Stock Performance

GMED stock opened at $85.10 on Monday. The stock’s 50 day moving average price is $76.80 and its 200 day moving average price is $71.92. The firm has a market cap of $11.59 billion, a P/E ratio of 127.01, a PEG ratio of 2.00 and a beta of 1.19. Globus Medical has a 1 year low of $44.02 and a 1 year high of $87.22.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business’s revenue was up 63.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.57 earnings per share. On average, research analysts predict that Globus Medical will post 2.98 earnings per share for the current year.

Insider Activity at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of the 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 completion of the sale, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. This trade represents a 25.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,000 shares of company stock worth $8,512,850. Company insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

A number of hedge funds have recently made changes to their positions in GMED. Coldstream Capital Management Inc. grew its holdings in Globus Medical by 2.2% during the 3rd quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock valued at $447,000 after purchasing an additional 131 shares in the last quarter. Stephens Inc. AR grew its stake in shares of Globus Medical by 3.4% during the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock valued at $303,000 after acquiring an additional 138 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Globus Medical by 2.5% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock worth $403,000 after acquiring an additional 140 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Globus Medical by 15.9% during the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock worth $80,000 after acquiring an additional 160 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of Globus Medical by 0.4% in the second quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock worth $3,145,000 after acquiring an additional 183 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.