Globus Medical (NYSE:GMED) Reaches New 52-Week High – Time to Buy?

Globus Medical, Inc. (NYSE:GMED) hit a new 52-week high on Wednesday . The company traded as high as $94.50 and last traded at $93.30, with a volume of 4257 shares changing hands. The stock had previously closed at $92.94.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GMED. Wells Fargo & Company lifted their price objective on shares of Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Piper Sandler increased their target price on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Thursday, January 9th. Roth Mkm increased their price objective on Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Finally, Stifel Nicolaus raised their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Stock Down 0.1 %

The stock’s 50-day moving average is $85.50 and its 200-day moving average is $77.14. The firm has a market cap of $12.65 billion, a P/E ratio of 138.51, a price-to-earnings-growth ratio of 1.78 and a beta of 1.19.

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

Insider Buying and Selling

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The disclosure for this sale can be found here. Insiders sold 81,667 shares of company stock worth $6,674,554 in the last 90 days. 18.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globus Medical

A number of institutional investors and hedge funds have recently modified their holdings of GMED. Hsbc Holdings PLC increased its position in shares of Globus Medical by 21.3% in the 2nd quarter. Hsbc Holdings PLC now owns 6,634 shares of the medical device company’s stock valued at $454,000 after buying an additional 1,163 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Globus Medical by 9.4% in the 2nd quarter. Bank of Montreal Can now owns 18,619 shares of the medical device company’s stock valued at $1,275,000 after purchasing an additional 1,606 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Globus Medical by 1.5% in the second quarter. AQR Capital Management LLC now owns 15,241 shares of the medical device company’s stock valued at $1,044,000 after purchasing an additional 228 shares in the last quarter. Creative Planning boosted its position in shares of Globus Medical by 16.8% during the second quarter. Creative Planning now owns 6,157 shares of the medical device company’s stock worth $422,000 after buying an additional 886 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in shares of Globus Medical during the second quarter worth about $611,000. 95.16% of the stock is owned by institutional investors.

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.