Globus Medical (GMED) Price Target Raised to $62.00 at Piper Jaffray Companies

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Globus Medical (NYSE:GMED) had its price target upped by Piper Jaffray Companies to $62.00 in a report issued on Friday, The Fly reports. Piper Jaffray Companies currently has an overweight rating on the medical device company’s stock. Piper Jaffray Companies also issued estimates for Globus Medical’s FY2018 earnings at $1.62 EPS, Q1 2019 earnings at $0.39 EPS, Q2 2019 earnings at $0.39 EPS, Q3 2019 earnings at $0.44 EPS, FY2019 earnings at $1.73 EPS and FY2020 earnings at $1.97 EPS.

Several other equities analysts have also issued reports on GMED. Zacks Investment Research raised Globus Medical from a hold rating to a buy rating and set a $60.00 price objective on the stock in a report on Friday, August 3rd. Morgan Stanley raised their price objective on Globus Medical from $60.00 to $64.00 and gave the stock a buy rating in a report on Tuesday, September 25th. Oppenheimer set a $57.00 price objective on Globus Medical and gave the stock a hold rating in a report on Thursday, August 2nd. Finally, Needham & Company LLC raised their price objective on Globus Medical from $58.00 to $65.00 and gave the stock a buy rating in a report on Thursday, August 2nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $56.00.

Globus Medical stock traded down $5.58 during midday trading on Friday, reaching $51.86. The company’s stock had a trading volume of 1,770,028 shares, compared to its average volume of 734,760. Globus Medical has a fifty-two week low of $34.45 and a fifty-two week high of $57.83. The stock has a market cap of $5.58 billion, a PE ratio of 37.14, a P/E/G ratio of 2.91 and a beta of 0.65.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Thursday, November 8th. The medical device company reported $0.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.06. Globus Medical had a return on equity of 15.14% and a net margin of 19.91%. The company had revenue of $169.20 million for the quarter, compared to analysts’ expectations of $167.47 million. During the same period last year, the firm earned $0.30 earnings per share. Globus Medical’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, analysts anticipate that Globus Medical will post 1.55 earnings per share for the current year.

In related news, insider David C. Paul sold 2,053,330 shares of the firm’s stock in a transaction dated Tuesday, September 25th. The stock was sold at an average price of $54.26, for a total transaction of $111,413,685.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 28.44% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GMED. UBS Group AG grew its holdings in shares of Globus Medical by 13.6% during the first quarter. UBS Group AG now owns 42,051 shares of the medical device company’s stock worth $2,095,000 after buying an additional 5,030 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Globus Medical by 11.2% during the first quarter. Legal & General Group Plc now owns 71,530 shares of the medical device company’s stock worth $3,563,000 after buying an additional 7,215 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Globus Medical by 3.3% during the first quarter. Principal Financial Group Inc. now owns 362,540 shares of the medical device company’s stock worth $18,062,000 after buying an additional 11,481 shares during the last quarter. Allianz Asset Management GmbH purchased a new position in shares of Globus Medical during the first quarter worth about $6,537,000. Finally, Mckinley Capital Management LLC Delaware grew its holdings in shares of Globus Medical by 37.4% during the second quarter. Mckinley Capital Management LLC Delaware now owns 6,758 shares of the medical device company’s stock worth $341,000 after buying an additional 1,838 shares during the last quarter. 63.95% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Company Profile

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 an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.

Further Reading: Understanding Price to Earnings Ratio (PE)

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Analyst Recommendations for Globus Medical (NYSE:GMED)

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