Truist Financial Increases Globus Medical (NYSE:GMED) Price Target to $79.00

Globus Medical (NYSE:GMED) had its target price hoisted by investment analysts at Truist Financial from $78.00 to $79.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the medical device company’s stock. Truist Financial’s target price would suggest a potential upside of 14.48% from the company’s current price.

A number of other brokerages also recently weighed in on GMED. BTIG Research upped their target price on Globus Medical from $72.00 to $75.00 and gave the company a “buy” rating in a report on Monday, July 15th. Barclays increased their target price on shares of Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, May 9th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Wednesday. Morgan Stanley lifted their target price on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Finally, Stifel Nicolaus raised their price target on shares of Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $75.40.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $69.01 on Wednesday. The firm has a 50 day simple moving average of $68.78 and a 200 day simple moving average of $59.73. Globus Medical has a 52 week low of $43.38 and a 52 week high of $74.16. The company has a market cap of $9.34 billion, a PE ratio of 107.83, a price-to-earnings-growth ratio of 1.95 and a beta of 1.15.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The company had revenue of $629.69 million during the quarter, compared to analyst estimates of $615.33 million. During the same quarter in the prior year, the company earned $0.63 earnings per share. The company’s revenue for the quarter was up 115.9% on a year-over-year basis. On average, equities analysts predict that Globus Medical will post 2.82 earnings per share for the current year.

Insider Buying and Selling at Globus Medical

In other news, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total transaction of $70,000.00. Following the sale, the director now directly owns 16,419 shares in the company, valued at $1,149,330. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Leslie V. Norwalk sold 1,000 shares of Globus Medical stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the sale, the director now directly owns 16,419 shares in the company, valued at approximately $1,149,330. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dan Lemaitre sold 63,300 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $64.61, for a total transaction of $4,089,813.00. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Several hedge funds and other institutional investors have recently modified their holdings of GMED. Ashton Thomas Private Wealth LLC acquired a new position in Globus Medical during the second quarter worth $33,000. GAMMA Investing LLC grew its holdings in shares of Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares during the last quarter. YHB Investment Advisors Inc. bought a new stake in shares of Globus Medical in the 1st quarter worth about $50,000. International Assets Investment Management LLC acquired a new stake in shares of Globus Medical during the second quarter worth approximately $52,000. Finally, Allworth Financial LP increased its holdings in Globus Medical by 25.7% during the 4th quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock valued at $66,000 after purchasing an additional 254 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

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. 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.