Globus Medical (NYSE:GMED) Stock Rating Upgraded by Stifel Nicolaus

Globus Medical (NYSE:GMED) was upgraded by Stifel Nicolaus from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, FlyOnTheWall reports.

GMED has been the topic of a number of other reports. StockNews.com began coverage on shares of Globus Medical in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Barclays boosted their price objective on shares of Globus Medical from $75.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, August 7th. Wells Fargo & Company lowered their price objective on shares of Globus Medical from $63.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Friday. TheStreet downgraded shares of Globus Medical from a “b-” rating to a “c+” rating in a research report on Thursday, August 31st. Finally, Truist Financial reaffirmed a “hold” rating and set a $65.00 price objective on shares of Globus Medical in a research report on Tuesday, September 5th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Globus Medical currently has a consensus rating of “Hold” and an average target price of $69.13.

Globus Medical Stock Up 3.2 %

Shares of Globus Medical stock traded up $1.59 during trading on Monday, hitting $51.60. The stock had a trading volume of 1,867,507 shares, compared to its average volume of 1,467,510. The stock has a 50 day simple moving average of $56.75 and a 200 day simple moving average of $56.53. The company has a market capitalization of $5.18 billion, a PE ratio of 25.67, a P/E/G ratio of 1.85 and a beta of 1.08. Globus Medical has a 1 year low of $48.86 and a 1 year high of $80.04.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, August 3rd. The medical device company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.03. The business had revenue of $291.62 million for the quarter, compared to the consensus estimate of $279.54 million. Globus Medical had a net margin of 18.63% and a return on equity of 12.13%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $0.56 earnings per share. As a group, equities analysts expect that Globus Medical will post 2.31 earnings per share for the current fiscal year.

Institutional Trading of Globus Medical

A number of institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its stake in shares of Globus Medical by 0.5% in the first quarter. BlackRock Inc. now owns 7,508,520 shares of the medical device company’s stock worth $425,283,000 after buying an additional 33,806 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Globus Medical by 0.6% in the first quarter. Wellington Management Group LLP now owns 3,236,599 shares of the medical device company’s stock worth $238,796,000 after buying an additional 20,375 shares during the last quarter. State Street Corp lifted its stake in shares of Globus Medical by 3.8% in the second quarter. State Street Corp now owns 2,370,497 shares of the medical device company’s stock worth $141,139,000 after buying an additional 85,737 shares during the last quarter. William Blair Investment Management LLC lifted its stake in shares of Globus Medical by 22.0% in the second quarter. William Blair Investment Management LLC now owns 2,273,185 shares of the medical device company’s stock worth $135,345,000 after buying an additional 409,873 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Globus Medical by 3.4% in the second quarter. JPMorgan Chase & Co. now owns 1,900,095 shares of the medical device company’s stock worth $113,132,000 after buying an additional 62,670 shares during the last quarter. 80.54% of the stock is currently owned by institutional investors and hedge funds.

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. It 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 pain management solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.