Brokerages Set Globus Medical Inc (GMED) Target Price at $55.67

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Shares of Globus Medical Inc (NYSE:GMED) have received an average recommendation of “Hold” from the eleven brokerages that are presently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $58.00.

A number of research firms recently commented on GMED. Oppenheimer reissued a “hold” rating on shares of Globus Medical in a report on Tuesday, March 19th. Zacks Investment Research cut Globus Medical from a “hold” rating to a “sell” rating in a report on Tuesday, March 19th. ValuEngine cut Globus Medical from a “buy” rating to a “hold” rating in a report on Tuesday, March 5th. Cantor Fitzgerald reissued a “buy” rating and issued a $60.00 price target on shares of Globus Medical in a report on Friday, March 1st. Finally, UBS Group raised Globus Medical from a “neutral” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Thursday, February 28th.

NYSE GMED traded up $0.26 during trading hours on Friday, reaching $44.02. The company’s stock had a trading volume of 475,517 shares, compared to its average volume of 441,599. Globus Medical has a 1 year low of $38.01 and a 1 year high of $57.83. The stock has a market cap of $4.34 billion, a PE ratio of 26.36, a P/E/G ratio of 2.26 and a beta of 0.86.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Thursday, February 21st. The medical device company reported $0.43 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.03. Globus Medical had a return on equity of 15.22% and a net margin of 21.95%. The company had revenue of $195.94 million for the quarter, compared to analysts’ expectations of $195.50 million. As a group, sell-side analysts predict that Globus Medical will post 1.71 earnings per share for the current fiscal year.

In other news, SVP Kelly Huller sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $48.59, for a total transaction of $145,770.00. Following the sale, the senior vice president now directly owns 12,384 shares of the company’s stock, valued at approximately $601,738.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Anthony L. Williams sold 212,082 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $46.83, for a total value of $9,931,800.06. Following the sale, the president now directly owns 89,583 shares in the company, valued at $4,195,171.89. The disclosure for this sale can be found here. Insiders have sold a total of 426,852 shares of company stock worth $20,061,774 over the last ninety days. Insiders own 28.44% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. increased its position in shares of Globus Medical by 45.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,086 shares of the medical device company’s stock valued at $287,000 after purchasing an additional 1,587 shares during the last quarter. Martingale Asset Management L P increased its position in shares of Globus Medical by 82.0% during the 3rd quarter. Martingale Asset Management L P now owns 69,718 shares of the medical device company’s stock valued at $3,958,000 after purchasing an additional 31,407 shares during the last quarter. FMR LLC increased its position in shares of Globus Medical by 1.0% during the 3rd quarter. FMR LLC now owns 936,453 shares of the medical device company’s stock valued at $53,154,000 after purchasing an additional 8,871 shares during the last quarter. Hsbc Holdings PLC bought a new position in shares of Globus Medical during the 3rd quarter valued at approximately $206,000. Finally, Tower Research Capital LLC TRC increased its position in shares of Globus Medical by 136.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 5,399 shares of the medical device company’s stock valued at $306,000 after purchasing an additional 3,119 shares during the last quarter. 69.26% of the stock is currently owned by institutional investors and hedge funds.

About Globus Medical

Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.

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Analyst Recommendations for Globus Medical (NYSE:GMED)

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