Globus Medical (NYSE:GMED)‘s stock had its “buy” rating reiterated by research analysts at Canaccord Genuity in a research note issued to investors on Monday. They presently have a $53.00 target price on the medical device company’s stock. Canaccord Genuity’s price objective would indicate a potential upside of 2.93% from the company’s previous close.
The analysts wrote, “We recently had the opportunity to host a fireside chat with Globus, as well as visit the company’s booth during the AAOS conference and came away incrementally more confident in the growth opportunities ahead of the company. Specifically, early feedback and success with the ExcelsiusGPS system reinforce our view that the robotic platform can provide a tailwind to an improving core US spine business. In trauma, we were encouraged by the early excitement around the initial product launches – including 6 recently cleared systems to complement the 5 launched at OTA back in October – which we expect to develop into a growth driver in 2019 and beyond. Net, net, while the valuation certainly reflects continued execution in 2018, we are increasingly optimistic that the improving fundamentals in the core US spine business, early success in robotics, and OUS momentum are capable of delivering continued upside to current guidance – thus supporting continued share appreciation.””
A number of other research firms also recently commented on GMED. Oppenheimer set a $49.00 target price on Globus Medical and gave the company a “hold” rating in a research report on Thursday, February 22nd. Morgan Stanley set a $53.00 target price on Globus Medical and gave the company a “buy” rating in a research report on Thursday, February 22nd. BTIG Research lifted their target price on Globus Medical to $51.00 and gave the company a “buy” rating in a research report on Thursday, February 22nd. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Thursday, February 22nd. Finally, Zacks Investment Research upgraded Globus Medical from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research report on Monday, February 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $49.57.
Globus Medical (NYSE:GMED) opened at $51.49 on Monday. Globus Medical has a 1 year low of $27.07 and a 1 year high of $52.18. The company has a market capitalization of $4,990.00, a P/E ratio of 42.55, a P/E/G ratio of 2.84 and a beta of 0.44.
Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, February 21st. The medical device company reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.03. Globus Medical had a return on equity of 13.93% and a net margin of 16.88%. The firm had revenue of $176.03 million for the quarter, compared to the consensus estimate of $175.50 million. During the same quarter last year, the business posted $0.31 earnings per share. The firm’s revenue was up 16.1% compared to the same quarter last year. analysts expect that Globus Medical will post 1.5 earnings per share for the current fiscal year.
In other news, CAO Steven Payne sold 3,076 shares of Globus Medical stock in a transaction on Friday, December 15th. The stock was sold at an average price of $39.30, for a total value of $120,886.80. Following the completion of the sale, the chief accounting officer now directly owns 23,847 shares of the company’s stock, valued at $937,187.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 28.21% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. NWQ Investment Management Company LLC acquired a new position in Globus Medical during the 3rd quarter worth $25,856,000. American Century Companies Inc. acquired a new position in Globus Medical during the 3rd quarter worth $24,126,000. Nuance Investments LLC grew its stake in Globus Medical by 207.5% during the 3rd quarter. Nuance Investments LLC now owns 776,919 shares of the medical device company’s stock worth $23,090,000 after purchasing an additional 524,248 shares in the last quarter. Janus Henderson Group PLC grew its stake in Globus Medical by 18.6% during the 3rd quarter. Janus Henderson Group PLC now owns 3,181,499 shares of the medical device company’s stock worth $94,554,000 after purchasing an additional 498,187 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Globus Medical during the 3rd quarter worth $13,187,000. 65.92% of the stock is owned by institutional investors and hedge funds.
TRADEMARK VIOLATION NOTICE: This story was first published by The Lincolnian Online and is the property of of The Lincolnian Online. If you are accessing this story on another publication, it was stolen and reposted in violation of international copyright & trademark laws. The correct version of this story can be viewed at https://www.thelincolnianonline.com/2018/03/14/canaccord-genuity-reiterates-buy-rating-for-globus-medical-gmed.html.
Globus Medical Company Profile
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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.