Globus Medical (NYSE:GMED) Price Target Lowered to $82.00 at Truist Financial

Globus Medical (NYSE:GMED) had its price target decreased by Truist Financial from $90.00 to $82.00 in a research report released on Tuesday,Benzinga reports. Truist Financial currently has a hold rating on the medical device company’s stock.

GMED has been the subject of several other reports. Stifel Nicolaus raised their target price on Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Canaccord Genuity Group raised their target price on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Wells Fargo & Company lowered their target price on Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Tuesday. Finally, StockNews.com raised Globus Medical from a “hold” rating to a “buy” rating in a research report on Thursday, March 13th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $97.09.

Globus Medical Stock Down 0.7 %

NYSE GMED opened at $71.63 on Tuesday. Globus Medical has a twelve month low of $49.33 and a twelve month high of $94.93. The company has a market cap of $9.85 billion, a price-to-earnings ratio of 95.50, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19. The business’s fifty day moving average is $84.39 and its 200 day moving average is $79.79.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $646.19 million. On average, research analysts anticipate that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insider Activity at Globus Medical

In related news, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 18.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Globus Medical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GMED. SBI Securities Co. Ltd. bought a new stake in Globus Medical in the 4th quarter valued at about $27,000. Quarry LP increased its holdings in Globus Medical by 698.4% during the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after purchasing an additional 433 shares in the last quarter. UMB Bank n.a. raised its stake in shares of Globus Medical by 60.2% in the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after purchasing an additional 206 shares during the last quarter. V Square Quantitative Management LLC lifted its holdings in shares of Globus Medical by 52.0% in the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock valued at $48,000 after purchasing an additional 197 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock valued at $55,000 after buying an additional 132 shares during the last quarter. 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.