Globus Medical (NYSE:GMED) Price Target Cut to $82.00 by Analysts at Truist Financial

Globus Medical (NYSE:GMED) had its price target reduced by Truist Financial from $90.00 to $82.00 in a report released on Tuesday morning,Benzinga reports. Truist Financial currently has a hold rating on the medical device company’s stock.

Several other analysts also recently commented on the stock. Barclays lifted their target price on shares of Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Canaccord Genuity Group lifted their target price on shares of Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $83.00 to $100.00 in a report on Monday, December 2nd. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Finally, Roth Mkm lifted their target price on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and a consensus target price of $97.09.

Globus Medical Price Performance

Shares of GMED opened at $73.86 on Tuesday. The firm has a 50-day moving average of $83.88 and a 200-day moving average of $79.71. Globus Medical has a one year low of $49.33 and a one year high of $94.93. The company has a market cap of $10.16 billion, a PE ratio of 98.48, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. Analysts expect that Globus Medical will post 3.44 earnings per share for the current year.

Insider Buying and Selling at Globus Medical

In other news, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 made changes to their positions in GMED. Oak Thistle LLC acquired a new position in Globus Medical during the 4th quarter worth approximately $376,000. bLong Financial LLC acquired a new position in Globus Medical during the 4th quarter worth approximately $397,000. Kathmere Capital Management LLC acquired a new position in Globus Medical during the 4th quarter worth approximately $23,091,000. Intech Investment Management LLC increased its position in Globus Medical by 291.3% during the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock worth $1,469,000 after purchasing an additional 15,283 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in Globus Medical during the 3rd quarter worth approximately $523,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.