Globus Medical (NYSE:GMED) Price Target Raised to $78.00 at Royal Bank of Canada

Globus Medical (NYSE:GMED) had its price objective increased by Royal Bank of Canada from $76.00 to $78.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the medical device company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 8.23% from the stock’s previous close.

Several other analysts have also recently weighed in on GMED. Wells Fargo & Company raised Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $60.00 to $78.00 in a report on Wednesday. BTIG Research boosted their target price on shares of Globus Medical from $72.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Wednesday. Barclays boosted their price objective on shares of Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Finally, Morgan Stanley raised their target price on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.20.

Globus Medical Stock Performance

GMED traded up $3.02 during trading hours on Wednesday, reaching $72.07. The company’s stock had a trading volume of 1,009,780 shares, compared to its average volume of 1,074,302. The company’s 50-day moving average is $68.78 and its 200-day moving average is $59.73. Globus Medical has a 52 week low of $43.38 and a 52 week high of $74.21. The firm has a market cap of $9.76 billion, a PE ratio of 113.17, a price-to-earnings-growth ratio of 1.95 and a beta of 1.15.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The company had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. During the same quarter last year, the company posted $0.63 EPS. Globus Medical’s quarterly revenue was up 115.9% compared to the same quarter last year. Equities analysts anticipate that Globus Medical will post 2.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

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

Institutional Investors Weigh In On Globus Medical

Several large investors have recently added to or reduced their stakes in GMED. Vestal Point Capital LP bought a new position in Globus Medical in the 4th quarter worth approximately $42,632,000. Millrace Asset Group Inc. purchased a new position in shares of Globus Medical in the fourth quarter valued at $2,103,000. Van ECK Associates Corp boosted its stake in Globus Medical by 82.6% in the 4th quarter. Van ECK Associates Corp now owns 34,380 shares of the medical device company’s stock worth $1,832,000 after purchasing an additional 15,552 shares during the period. Leeward Investments LLC MA lifted its stake in Globus Medical by 27.6% in the 1st quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock worth $11,918,000 after purchasing an additional 48,047 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Globus Medical by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,007,812 shares of the medical device company’s stock valued at $53,706,000 after purchasing an additional 60,060 shares in the last quarter. Hedge funds and other 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.