Canaccord Genuity restated their buy rating on shares of Globus Medical (NYSE:GMED) in a research report sent to investors on Monday morning. They currently have a $53.00 price objective on the medical device company’s stock.
“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.”,” Canaccord Genuity’s analyst wrote.
Several other research analysts have also recently issued reports on the stock. ValuEngine raised shares of Globus Medical from a hold rating to a buy rating in a report on Thursday, March 1st. Zacks Investment Research raised shares of Globus Medical from a hold rating to a buy rating and set a $54.00 target price for the company in a report on Monday, February 26th. Oppenheimer set a $49.00 target price on shares of Globus Medical and gave the stock a hold rating in a report on Thursday, February 22nd. Morgan Stanley set a $53.00 price target on shares of Globus Medical and gave the stock a buy rating in a research note on Thursday, February 22nd. Finally, Needham & Company LLC reiterated a hold rating on shares of Globus Medical in a research note on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $49.57.
Globus Medical (NYSE:GMED) last issued its earnings results on Wednesday, February 21st. The medical device company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.03. The business had revenue of $176.03 million during the quarter, compared to analysts’ expectations of $175.50 million. Globus Medical had a net margin of 16.88% and a return on equity of 13.93%. The business’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.31 earnings per share. analysts predict that Globus Medical will post 1.5 EPS for the current fiscal year.
In related news, President Anthony L. Williams sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $38.30, for a total transaction of $574,500.00. Following the completion of the sale, the president now directly owns 15,000 shares in the company, valued at $574,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Steven Payne sold 3,076 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $39.30, for a total transaction of $120,886.80. Following the sale, the chief accounting officer now owns 23,847 shares of the company’s stock, valued at $937,187.10. The disclosure for this sale can be found here. Insiders own 28.21% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Retirement Systems of Alabama grew its position in Globus Medical by 45.6% during the third quarter. Retirement Systems of Alabama now owns 135,562 shares of the medical device company’s stock valued at $4,029,000 after buying an additional 42,481 shares during the period. Strs Ohio grew its position in Globus Medical by 275.8% during the fourth quarter. Strs Ohio now owns 35,700 shares of the medical device company’s stock valued at $1,467,000 after buying an additional 26,200 shares during the period. Pembroke Management LTD bought a new stake in Globus Medical during the fourth quarter valued at approximately $9,720,000. Teacher Retirement System of Texas bought a new stake in Globus Medical during the fourth quarter valued at approximately $1,025,000. Finally, Rhumbline Advisers grew its position in Globus Medical by 7.4% during the third quarter. Rhumbline Advisers now owns 154,127 shares of the medical device company’s stock valued at $4,581,000 after buying an additional 10,679 shares during the period. Institutional investors own 65.92% of the company’s stock.
About Globus Medical
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.
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