Globus Medical (GMED) Trading -1.3% Higher

Globus Medical Inc (NYSE:GMED)’s share price traded up 1.3% during mid-day trading on Tuesday . The company traded as high as $43.55 and last traded at $41.10. 471,100 shares changed hands during trading, a decline of 31% from the average session volume of 682,713 shares. The stock had previously closed at $41.64.

A number of equities analysts recently issued reports on the stock. BTIG Research set a $45.00 target price on shares of Globus Medical and gave the stock a “buy” rating in a research report on Tuesday. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and set a $48.00 price target on the stock in a report on Tuesday. Wells Fargo & Co raised shares of Globus Medical from a “market perform” rating to an “outperform” rating and set a $46.00 price target on the stock in a report on Monday, December 4th. ValuEngine lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Gabelli reissued a “buy” rating on shares of Globus Medical in a report on Tuesday, November 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $38.86.

The stock has a market cap of $4,160.55, a price-to-earnings ratio of 39.00, a PEG ratio of 3.04 and a beta of 0.56.

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

In other news, CAO Steven Payne sold 3,076 shares of the company’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $39.30, for a total value of $120,886.80. Following the sale, the chief accounting officer now owns 23,847 shares of the company’s stock, valued at approximately $937,187.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Anthony L. Williams sold 15,000 shares of the company’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $38.30, for a total transaction of $574,500.00. Following the completion of the sale, the president now directly owns 15,000 shares in the company, valued at approximately $574,500. The disclosure for this sale can be found here. In the last ninety days, insiders sold 124,908 shares of company stock worth $4,747,975. 28.21% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its position in Globus Medical by 1.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock worth $100,000 after buying an additional 35 shares in the last quarter. Sei Investments Co. lifted its position in Globus Medical by 18.9% during the 2nd quarter. Sei Investments Co. now owns 3,165 shares of the medical device company’s stock worth $105,000 after buying an additional 503 shares in the last quarter. Advisor Group Inc. lifted its position in Globus Medical by 2.0% during the 2nd quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock worth $114,000 after buying an additional 68 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in Globus Medical during the 3rd quarter worth about $177,000. Finally, Victory Capital Management Inc. lifted its position in Globus Medical by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 5,398 shares of the medical device company’s stock worth $179,000 after buying an additional 808 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

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Globus Medical Company Profile

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.

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