Globus Medical (NYSE:GMED) Stock Rating Upgraded by Bank of America

Globus Medical (NYSE:GMED) was upgraded by analysts at Bank of America from an “underperform” rating to a “neutral” rating in a note issued to investors on Thursday, Marketbeat reports. The firm presently has a $97.00 price objective on the medical device company’s stock, up from their previous price objective of $80.00. Bank of America‘s price objective would suggest a potential upside of 11.38% from the stock’s previous close.

Several other equities research analysts have also issued reports on GMED. Piper Sandler raised their target price on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Wells Fargo & Company raised their price objective on shares of Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. BTIG Research boosted their target price on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Truist Financial increased their price target on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Finally, Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Price Performance

Shares of NYSE GMED opened at $87.09 on Thursday. Globus Medical has a 1-year low of $49.33 and a 1-year high of $90.48. The business’s 50 day moving average is $83.06 and its two-hundred day moving average is $75.16. The stock has a market capitalization of $11.86 billion, a P/E ratio of 129.99, a PEG ratio of 1.97 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.18. The firm 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 company’s revenue for the quarter was up 63.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. As a group, equities research analysts anticipate that Globus Medical will post 2.97 earnings per share for the current fiscal year.

Insider Activity at Globus Medical

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kelly Huller sold 2,500 shares of Globus Medical stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The disclosure for this sale can be found here. Insiders sold 97,500 shares of company stock worth $7,674,950 over the last three months. 18.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Globus Medical

Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp increased its stake in Globus Medical by 2.3% during the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock valued at $255,450,000 after purchasing an additional 81,371 shares in the last quarter. Burgundy Asset Management Ltd. grew its holdings in shares of Globus Medical by 1.4% during the second quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after buying an additional 35,054 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Globus Medical by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock valued at $134,893,000 after acquiring an additional 21,935 shares during the period. Magnetar Financial LLC raised its stake in Globus Medical by 1.7% in the 2nd quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock worth $117,699,000 after acquiring an additional 29,200 shares during the last quarter. Finally, Geneva Capital Management LLC lifted its position in Globus Medical by 1.1% during the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after acquiring an additional 18,117 shares during the period. Hedge funds and other 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.