Globus Medical (NYSE:GMED) Reaches New 52-Week High Following Better-Than-Expected Earnings

Globus Medical, Inc. (NYSE:GMED) shares reached a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $76.13 and last traded at $75.91, with a volume of 128286 shares changing hands. The stock had previously closed at $74.72.

The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same period last year, the business earned $0.57 earnings per share. The business’s quarterly revenue was up 63.1% on a year-over-year basis.

Analysts Set New Price Targets

GMED has been the topic of a number of recent research reports. Royal Bank of Canada increased their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday. Roth Mkm restated a “buy” rating and issued a $100.00 target price on shares of Globus Medical in a report on Wednesday. Canaccord Genuity Group raised their target price on shares of Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday. Morgan Stanley raised their target price on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Finally, Piper Sandler raised their target price on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $87.09.

Insider Buying and Selling

In related news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the transaction, the director now owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Globus Medical

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sheaff Brock Investment Advisors LLC lifted its position in Globus Medical by 0.8% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 39,024 shares of the medical device company’s stock valued at $2,792,000 after buying an additional 321 shares during the period. KBC Group NV increased its holdings in shares of Globus Medical by 0.5% during the third quarter. KBC Group NV now owns 45,505 shares of the medical device company’s stock valued at $3,255,000 after acquiring an additional 237 shares in the last quarter. Geneva Capital Management LLC increased its holdings in shares of Globus Medical by 1.1% during the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after acquiring an additional 18,117 shares in the last quarter. Lisanti Capital Growth LLC increased its holdings in shares of Globus Medical by 68.4% during the third quarter. Lisanti Capital Growth LLC now owns 24,915 shares of the medical device company’s stock valued at $1,782,000 after acquiring an additional 10,120 shares in the last quarter. Finally, River Global Investors LLP increased its holdings in shares of Globus Medical by 0.7% during the third quarter. River Global Investors LLP now owns 47,067 shares of the medical device company’s stock valued at $3,366,000 after acquiring an additional 331 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Up 9.4 %

The firm has a fifty day moving average price of $71.92 and a two-hundred day moving average price of $68.16. The stock has a market capitalization of $11.20 billion, a P/E ratio of 275.67, a P/E/G ratio of 2.06 and a beta of 1.17.

About Globus Medical

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.