Globus Medical (NYSE:GMED) Price Target Lowered to $80.00 at Truist Financial

Globus Medical (NYSE:GMED) had its price target decreased by Truist Financial from $82.00 to $80.00 in a research report report published on Friday,Benzinga reports. Truist Financial currently has a hold rating on the medical device company’s stock.

GMED has been the subject of a number of other reports. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $80.00 to $97.00 in a report on Thursday, January 9th. Wells Fargo & Company decreased their price objective on Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Canaccord Genuity Group raised their target price on Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a report on Friday, January 10th. Roth Mkm upped their price target on Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Finally, Barclays raised their price objective on Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $72.75 on Friday. Globus Medical has a 52-week low of $49.33 and a 52-week high of $94.93. The business’s 50 day simple moving average is $77.20 and its two-hundred day simple moving average is $80.07. The firm has a market cap of $10.01 billion, a P/E ratio of 97.00, a PEG ratio of 1.61 and a beta of 1.28.

Globus Medical (NYSE:GMED) last issued its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The company had revenue of $657.29 million for the quarter, compared to analysts’ expectations of $646.19 million. On average, equities analysts forecast that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Globus Medical

Hedge funds have recently made changes to their positions in the business. American Century Companies Inc. grew its position in Globus Medical by 255.9% during the fourth quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company’s stock valued at $8,588,000 after buying an additional 74,659 shares during the period. Oak Thistle LLC bought a new position in shares of Globus Medical during the 4th quarter valued at approximately $376,000. bLong Financial LLC purchased a new stake in shares of Globus Medical during the 4th quarter worth approximately $397,000. Kathmere Capital Management LLC bought a new stake in shares of Globus Medical in the 4th quarter worth approximately $23,091,000. Finally, HB Wealth Management LLC bought a new stake in shares of Globus Medical in the 4th quarter worth approximately $301,000. 95.16% of the stock is currently 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.