Stocks: Globus Medical Inc (GMED) Given Consensus Recommendation of “Hold” by Brokerages

Stocks: Globus Medical Inc (GMED) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Globus Medical Inc (NYSE:GMED) have earned a consensus rating of “Hold” from the thirteen ratings firms that are currently covering the company. Two analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $28.70.

Several analysts have recently commented on the stock. Zacks Investment Research raised shares of Globus Medical from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research report on Friday, May 5th. Barclays PLC reaffirmed a “sell” rating and set a $30.00 price objective on shares of Globus Medical in a research report on Friday, May 5th. Oppenheimer Holdings Inc. set a $32.00 price objective on shares of Globus Medical and gave the stock a “hold” rating in a research report on Thursday, May 4th. Canaccord Genuity raised shares of Globus Medical from a “hold” rating to a “buy” rating and raised their price objective for the stock from $30.00 to $37.00 in a research report on Thursday, May 4th. Finally, Aegis reaffirmed a “buy” rating and set a $31.00 price objective on shares of Globus Medical in a research report on Tuesday, February 28th.

Institutional investors have recently bought and sold shares of the company. Consonance Capital Management LP purchased a new position in Globus Medical during the third quarter worth about $41,980,000. Deerfield Management Co. purchased a new position in Globus Medical during the fourth quarter worth about $25,703,000. State Street Corp increased its position in Globus Medical by 73.8% in the fourth quarter. State Street Corp now owns 2,169,124 shares of the medical device company’s stock worth $53,813,000 after buying an additional 920,880 shares in the last quarter. Norges Bank purchased a new position in Globus Medical during the fourth quarter worth about $18,321,000. Finally, Marshall Wace LLP increased its position in Globus Medical by 2,449.4% in the fourth quarter. Marshall Wace LLP now owns 544,217 shares of the medical device company’s stock worth $13,502,000 after buying an additional 522,870 shares in the last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical (NYSE:GMED) opened at 31.26 on Friday. Globus Medical has a 52 week low of $19.25 and a 52 week high of $33.06. The company has a market capitalization of $3.00 billion, a P/E ratio of 28.68 and a beta of 0.63. The firm has a 50 day moving average of $30.28 and a 200-day moving average of $26.30.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, May 3rd. The medical device company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.30 by $0.02. The company had revenue of $155.81 million during the quarter. Globus Medical had a net margin of 21.20% and a return on equity of 14.92%. On average, analysts forecast that Globus Medical will post $1.27 earnings per share for the current year.

About Globus Medical

Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.

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