Globus Medical, Inc. (GMED) Raised to “Neutral” at Bank of America Corporation

Bank of America Corporation upgraded shares of Globus Medical, Inc. (NYSE:GMED) from an underperform rating to a neutral rating in a research report sent to investors on Friday, Marketbeat.com reports.

Other equities research analysts also recently issued reports about the stock. BTIG Research started coverage on shares of Globus Medical in a report on Thursday, September 7th. They set a buy rating and a $37.00 price target for the company. Gabelli reiterated a buy rating on shares of Globus Medical in a report on Friday, August 4th. Canaccord Genuity reiterated a buy rating and set a $37.00 price target on shares of Globus Medical in a report on Friday, August 18th. Piper Jaffray Companies reiterated a buy rating on shares of Globus Medical in a report on Thursday, October 19th. Finally, Oppenheimer Holdings, Inc. reiterated a hold rating on shares of Globus Medical in a report on Wednesday, August 30th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $34.00.

Shares of Globus Medical (GMED) traded up $1.71 during midday trading on Friday, hitting $35.94. 1,829,800 shares of the stock were exchanged, compared to its average volume of 672,277. The stock has a market capitalization of $3,460.70, a P/E ratio of 28.75, a PEG ratio of 2.80 and a beta of 0.55. Globus Medical has a 1-year low of $20.52 and a 1-year high of $35.96.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Wednesday, November 8th. The medical device company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $151.74 million during the quarter, compared to the consensus estimate of $150.73 million. Globus Medical had a net margin of 17.54% and a return on equity of 13.67%. The company’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 earnings per share. sell-side analysts forecast that Globus Medical will post 1.27 earnings per share for the current fiscal year.

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In related news, insider A Brett Murphy sold 51,449 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $35.00, for a total value of $1,800,715.00. Following the completion of the sale, the insider now directly owns 49,768 shares in the company, valued at $1,741,880. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 28.21% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its stake in Globus Medical by 0.8% during the second quarter. BlackRock Inc. now owns 7,448,420 shares of the medical device company’s stock worth $246,914,000 after buying an additional 61,138 shares during the period. Vanguard Group Inc. grew its stake in Globus Medical by 1.4% during the second quarter. Vanguard Group Inc. now owns 5,712,043 shares of the medical device company’s stock worth $189,355,000 after buying an additional 76,345 shares during the period. Janus Henderson Group PLC grew its stake in Globus Medical by 260.0% during the second quarter. Janus Henderson Group PLC now owns 2,683,312 shares of the medical device company’s stock worth $88,952,000 after buying an additional 1,938,039 shares during the period. State Street Corp grew its stake in Globus Medical by 5.8% during the second quarter. State Street Corp now owns 2,376,667 shares of the medical device company’s stock worth $78,789,000 after buying an additional 129,939 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Globus Medical by 1.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,843,340 shares of the medical device company’s stock worth $54,784,000 after buying an additional 32,034 shares during the period. Institutional investors own 65.59% of the company’s stock.

About Globus Medical

Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.

Analyst Recommendations for Globus Medical (NYSE:GMED)

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