Globus Medical (GMED) Stock Rating Upgraded by Wells Fargo & Company

Globus Medical (NYSE:GMED) was upgraded by stock analysts at Wells Fargo & Company from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Monday. The firm presently has a $46.00 target price on the medical device company’s stock. Wells Fargo & Company’s target price indicates a potential upside of 14.17% from the stock’s previous close.

GMED has been the subject of several other reports. BidaskClub raised Globus Medical from a “sell” rating to a “hold” rating in a report on Saturday, October 7th. Oppenheimer reissued a “hold” rating on shares of Globus Medical in a report on Wednesday, August 30th. Zacks Investment Research raised Globus Medical from a “sell” rating to a “hold” rating in a report on Friday, November 10th. Canaccord Genuity restated a “buy” rating and set a $38.00 target price on shares of Globus Medical in a research report on Friday, September 22nd. Finally, Piper Jaffray Companies restated a “buy” rating on shares of Globus Medical in a research report on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $36.83.

Shares of Globus Medical (NYSE GMED) opened at $40.29 on Monday. The firm has a market capitalization of $3,872.39, a PE ratio of 32.14, a price-to-earnings-growth ratio of 3.13 and a beta of 0.58. Globus Medical has a twelve month low of $22.74 and a twelve month high of $41.70.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, November 8th. The medical device company reported $0.30 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.30. The firm had revenue of $151.74 million during the quarter, compared to analysts’ expectations of $150.73 million. Globus Medical had a return on equity of 13.67% and a net margin of 17.54%. The company’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.29 EPS. equities analysts anticipate that Globus Medical will post 1.27 EPS for the current year.

In other news, insider A Brett Murphy sold 51,449 shares of the business’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $35.00, for a total transaction of $1,800,715.00. Following the completion of the transaction, the insider now directly owns 49,768 shares in the company, valued at approximately $1,741,880. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 28.21% of the stock is currently owned by insiders.

Several institutional investors have recently bought and sold shares of GMED. BlackRock Inc. grew its position in shares of Globus Medical by 0.8% in the 2nd quarter. BlackRock Inc. now owns 7,448,420 shares of the medical device company’s stock valued at $246,914,000 after purchasing an additional 61,138 shares during the period. Vanguard Group Inc. grew its position in shares of Globus Medical by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 5,712,043 shares of the medical device company’s stock valued at $189,355,000 after purchasing an additional 76,345 shares during the period. Janus Henderson Group PLC grew its position in shares of Globus Medical by 18.6% in the 3rd quarter. Janus Henderson Group PLC now owns 3,181,499 shares of the medical device company’s stock valued at $94,554,000 after purchasing an additional 498,187 shares during the period. State Street Corp grew its position in shares of Globus Medical by 5.8% in the 2nd quarter. State Street Corp now owns 2,376,667 shares of the medical device company’s stock valued at $78,789,000 after purchasing an additional 129,939 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Globus Medical by 1.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,843,340 shares of the medical device company’s stock valued at $54,784,000 after purchasing an additional 32,034 shares during the period. Institutional investors own 72.20% of the company’s stock.

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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.

Analyst Recommendations for Globus Medical (NYSE:GMED)

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