Truist Financial Lowers Globus Medical (NYSE:GMED) Price Target to $82.00

Globus Medical (NYSE:GMED) had its target price reduced by investment analysts at Truist Financial from $90.00 to $82.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the medical device company’s stock. Truist Financial’s target price indicates a potential upside of 14.68% from the company’s previous close.

A number of other brokerages also recently weighed in on GMED. Barclays increased their price objective on shares of Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Canaccord Genuity Group increased their price objective on shares of Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Wells Fargo & Company reduced their price objective on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $80.00 to $97.00 in a research report on Thursday, January 9th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $97.09.

Globus Medical Stock Down 0.9 %

Shares of NYSE GMED traded down $0.64 during mid-day trading on Tuesday, reaching $71.50. 58,754 shares of the company were exchanged, compared to its average volume of 1,308,846. The stock has a market capitalization of $9.83 billion, a PE ratio of 95.34, a PEG ratio of 1.61 and a beta of 1.19. The company’s 50 day moving average price is $84.63 and its 200 day moving average price is $79.80. Globus Medical has a 52 week low of $49.33 and a 52 week high of $94.93.

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

Insider Activity at Globus Medical

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the company’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 transaction of $1,250,804.43. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 18.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GMED. SBI Securities Co. Ltd. purchased a new stake in shares of Globus Medical in the 4th quarter valued at $27,000. Quarry LP boosted its holdings in Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after buying an additional 433 shares in the last quarter. UMB Bank n.a. boosted its holdings in Globus Medical by 60.2% during the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after buying an additional 206 shares in the last quarter. V Square Quantitative Management LLC boosted its holdings in Globus Medical by 52.0% during the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock worth $48,000 after buying an additional 197 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its holdings in Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock worth $55,000 after buying an additional 132 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.