Globus Medical (NYSE:GMED) Hits New 1-Year High – Here’s Why

Globus Medical, Inc. (NYSE:GMED)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $92.42 and last traded at $92.33, with a volume of 1546402 shares changing hands. The stock had previously closed at $90.80.

Wall Street Analysts Forecast Growth

GMED has been the topic of a number of analyst reports. StockNews.com lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Canaccord Genuity Group increased their price objective on Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a report on Friday, January 10th. Stifel Nicolaus raised their price objective on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Piper Sandler upped their target price on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Thursday, January 9th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $96.91.

Globus Medical Stock Up 1.7 %

The stock has a market cap of $12.57 billion, a PE ratio of 137.80, a price-to-earnings-growth ratio of 1.73 and a beta of 1.19. The stock has a 50-day moving average of $84.25 and a 200 day moving average of $76.16.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.57 earnings per share. On average, equities analysts anticipate that Globus Medical, Inc. will post 2.98 EPS for the current year.

Insider Buying and Selling at Globus Medical

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Kelly Huller sold 5,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 81,667 shares of company stock worth $6,674,554. Insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

A number of large investors have recently bought and sold shares of the business. V Square Quantitative Management LLC acquired a new stake in Globus Medical in the third quarter valued at approximately $27,000. Quarry LP grew its stake in Globus Medical by 698.4% in the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after acquiring an additional 433 shares during the period. Farther Finance Advisors LLC increased its holdings in Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after acquiring an additional 385 shares in the last quarter. UMB Bank n.a. lifted 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 valued at $45,000 after purchasing an additional 206 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Globus Medical by 40.7% in the third quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock valued at $64,000 after purchasing an additional 257 shares during the period. 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.