Globus Medical (NYSE:GMED) Hits New 52-Week High – Still a Buy?

Globus Medical, Inc. (NYSE:GMED)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $92.42 and last traded at $92.33, with a volume of 1546402 shares. The stock had previously closed at $90.80.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on GMED shares. Piper Sandler increased their price objective on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Thursday, January 9th. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Royal Bank of Canada upped their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Finally, Truist Financial lifted their target price on shares of Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Trading Down 1.0 %

The business’s 50-day simple moving average is $84.64 and its 200-day simple moving average is $76.45. The company has a market cap of $12.59 billion, a PE ratio of 137.94, a P/E/G ratio of 1.76 and a beta of 1.19.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. During the same period in the prior year, the business posted $0.57 earnings per share. Globus Medical’s revenue for the quarter was up 63.1% compared to the same quarter last year. On average, research analysts predict that Globus Medical, Inc. will post 2.98 earnings per share for the current fiscal year.

Insider Activity at Globus Medical

In other news, CFO Keith W. Pfeil sold 14,167 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 81,667 shares of company stock valued at $6,674,554. 18.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Globus Medical

Large investors have recently added to or reduced their stakes in the stock. Coldstream Capital Management Inc. increased its holdings in shares of Globus Medical by 2.2% during the 3rd quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock worth $447,000 after purchasing an additional 131 shares during the period. Stephens Inc. AR increased its stake in Globus Medical by 3.4% during the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock valued at $303,000 after acquiring an additional 138 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in Globus Medical by 2.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after acquiring an additional 140 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Globus Medical by 60.2% in the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after acquiring an additional 206 shares during the period. Finally, Central Pacific Bank Trust Division grew its holdings in shares of Globus Medical by 6.2% during the 3rd quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock worth $268,000 after purchasing an additional 220 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.