Globus Medical (NYSE:GMED) Hits New 12-Month High at $56.34

Globus Medical Inc (NYSE:GMED)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $56.34 and last traded at $56.04, with a volume of 19698 shares trading hands. The stock had previously closed at $55.11.

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A number of equities research analysts recently issued reports on GMED shares. ValuEngine raised Globus Medical from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th. Morgan Stanley lifted their target price on Globus Medical from $45.00 to $57.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Canaccord Genuity raised their price target on Globus Medical from $57.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Piper Jaffray Companies raised their price target on Globus Medical from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Co raised their price target on Globus Medical from $42.00 to $53.00 and gave the company a “market perform” rating in a research note on Tuesday, October 8th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $59.00.

The stock has a 50 day simple moving average of $51.73 and a two-hundred day simple moving average of $46.87. The stock has a market capitalization of $5.46 billion, a P/E ratio of 33.50, a P/E/G ratio of 2.85 and a beta of 0.95.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Wednesday, November 6th. The medical device company reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.01. The firm had revenue of $196.22 million during the quarter, compared to the consensus estimate of $185.86 million. Globus Medical had a return on equity of 13.09% and a net margin of 19.03%. The business’s revenue was up 15.9% compared to the same quarter last year. During the same period last year, the company earned $0.39 earnings per share. On average, sell-side analysts predict that Globus Medical Inc will post 1.72 EPS for the current year.

In other Globus Medical news, SVP Kelly Huller sold 3,000 shares of Globus Medical stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $55.90, for a total value of $167,700.00. Following the completion of the transaction, the senior vice president now directly owns 3,384 shares of the company’s stock, valued at approximately $189,165.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David D. Davidar sold 38,000 shares of Globus Medical stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $54.00, for a total value of $2,052,000.00. Following the completion of the transaction, the director now directly owns 666,775 shares of the company’s stock, valued at $36,005,850. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,000 shares of company stock valued at $2,378,400. Corporate insiders own 24.97% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Gabelli Funds LLC raised its stake in shares of Globus Medical by 0.5% in the 2nd quarter. Gabelli Funds LLC now owns 213,000 shares of the medical device company’s stock valued at $9,010,000 after acquiring an additional 1,000 shares during the period. Northern Trust Corp increased its holdings in Globus Medical by 0.5% during the 2nd quarter. Northern Trust Corp now owns 1,221,143 shares of the medical device company’s stock valued at $51,655,000 after acquiring an additional 6,180 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its holdings in Globus Medical by 20.2% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,489 shares of the medical device company’s stock valued at $317,000 after acquiring an additional 1,256 shares in the last quarter. Isthmus Partners LLC purchased a new position in Globus Medical during the 2nd quarter valued at about $1,211,000. Finally, Vanguard Group Inc. increased its holdings in Globus Medical by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 7,181,055 shares of the medical device company’s stock valued at $303,760,000 after acquiring an additional 31,142 shares in the last quarter. 66.79% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Company Profile (NYSE:GMED)

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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