Globus Medical (NYSE:GMED) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Globus Medical (NYSE:GMED) in a report published on Friday, Briefing.com Automated Import reports. The brokerage currently has a $56.00 price target on the medical device company’s stock, up from their previous price target of $52.00.

Several other research analysts have also weighed in on GMED. Zacks Investment Research upgraded Globus Medical from a hold rating to a buy rating and set a $51.00 price objective for the company in a research report on Wednesday, April 24th. Wells Fargo & Co lowered Globus Medical from an outperform rating to a market perform rating and lowered their price objective for the stock from $50.00 to $41.00 in a research report on Friday, May 24th. Finally, Morgan Stanley set a $45.00 price objective on Globus Medical and gave the stock a hold rating in a research report on Wednesday, June 5th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has an average rating of Buy and an average price target of $54.90.

Shares of GMED stock traded down $2.25 during trading hours on Friday, reaching $47.85. The company had a trading volume of 52,830 shares, compared to its average volume of 575,149. The stock has a fifty day simple moving average of $42.48. The firm has a market cap of $4.96 billion, a P/E ratio of 28.56, a price-to-earnings-growth ratio of 2.56 and a beta of 0.89. Globus Medical has a 12-month low of $38.01 and a 12-month high of $57.83.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Thursday, August 1st. The medical device company reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. The company had revenue of $150.55 million during the quarter, compared to analyst estimates of $184.93 million. Globus Medical had a return on equity of 13.57% and a net margin of 19.30%. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.44 earnings per share. On average, sell-side analysts anticipate that Globus Medical will post 1.72 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the business. Municipal Employees Retirement System of Michigan lifted its stake in Globus Medical by 1.6% during the second quarter. Municipal Employees Retirement System of Michigan now owns 14,080 shares of the medical device company’s stock worth $596,000 after purchasing an additional 220 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Globus Medical by 0.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 38,178 shares of the medical device company’s stock valued at $1,886,000 after acquiring an additional 292 shares in the last quarter. Oakbrook Investments LLC raised its stake in shares of Globus Medical by 5.9% in the second quarter. Oakbrook Investments LLC now owns 5,400 shares of the medical device company’s stock valued at $228,000 after acquiring an additional 300 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Globus Medical by 1.4% in the second quarter. Oregon Public Employees Retirement Fund now owns 30,789 shares of the medical device company’s stock valued at $1,302,000 after acquiring an additional 435 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of Globus Medical by 13.0% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 4,085 shares of the medical device company’s stock valued at $202,000 after acquiring an additional 471 shares in the last quarter. Institutional investors own 66.75% of the company’s stock.

About Globus Medical

Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.

Further Reading: Earnings Per Share

Analyst Recommendations for Globus Medical (NYSE:GMED)

Receive News & Ratings for Globus Medical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globus Medical and related companies with MarketBeat.com's FREE daily email newsletter.