Globus Medical (NYSE:GMED) Reaches New 52-Week High Following Better-Than-Expected Earnings

Globus Medical, Inc. (NYSE:GMED) reached a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $76.13 and last traded at $75.91, with a volume of 128286 shares changing hands. The stock had previously closed at $74.72.

The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.57 EPS.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Roth Mkm restated a “buy” rating and set a $100.00 price target on shares of Globus Medical in a research note on Wednesday. Morgan Stanley upped their target price on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Stifel Nicolaus upped their target price on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday. Canaccord Genuity Group upped their target price on shares of Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Royal Bank of Canada upped their target price on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $87.09.

Insider Buying and Selling at Globus Medical

In other news, Director David D. Davidar sold 30,000 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now directly owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director David D. Davidar sold 30,000 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now directly owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the sale, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Sheaff Brock Investment Advisors LLC increased its position in shares of Globus Medical by 0.8% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 39,024 shares of the medical device company’s stock worth $2,792,000 after purchasing an additional 321 shares during the last quarter. KBC Group NV increased its position in shares of Globus Medical by 0.5% in the third quarter. KBC Group NV now owns 45,505 shares of the medical device company’s stock worth $3,255,000 after purchasing an additional 237 shares during the last quarter. Geneva Capital Management LLC increased its position in shares of Globus Medical by 1.1% in the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after purchasing an additional 18,117 shares during the last quarter. Lisanti Capital Growth LLC increased its position in shares of Globus Medical by 68.4% in the third quarter. Lisanti Capital Growth LLC now owns 24,915 shares of the medical device company’s stock worth $1,782,000 after purchasing an additional 10,120 shares during the last quarter. Finally, River Global Investors LLP increased its position in shares of Globus Medical by 0.7% in the third quarter. River Global Investors LLP now owns 47,067 shares of the medical device company’s stock worth $3,366,000 after purchasing an additional 331 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Stock Up 9.4 %

The company’s 50-day moving average is $71.92 and its two-hundred day moving average is $68.16. The company has a market capitalization of $11.20 billion, a P/E ratio of 275.67, a PEG ratio of 2.06 and a beta of 1.17.

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.