Zacks Investment Research cut shares of Globus Medical (NYSE:GMED) from a buy rating to a hold rating in a research note published on Tuesday morning.

According to Zacks, “Globus Medical, Inc. is a medical device company focused on the design, development and commercialization of products that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: innovative fusion or disruptive technologies. Its innovative fusion products address a broad range of spinal fusion surgical procedures. Its disruptive technology products include minimally invasive surgical, motion preservation and advanced biomaterials technologies. Globus Medical, Inc. is based in Audubon, Pennsylvania. “

A number of other equities analysts have also recently issued reports on the company. ValuEngine cut Globus Medical from a buy rating to a hold rating in a report on Friday, January 4th. Morgan Stanley downgraded Globus Medical from an overweight rating to an equal weight rating and lowered their price target for the company from $64.00 to $49.00 in a report on Wednesday, January 2nd. Credit Suisse Group initiated coverage on Globus Medical in a report on Monday, December 17th. They set an outperform rating and a $53.00 price target on the stock. UBS Group initiated coverage on Globus Medical in a report on Wednesday, November 28th. They set a neutral rating and a $55.00 price target on the stock. Finally, Cantor Fitzgerald set a $65.00 price target on Globus Medical and gave the company a buy rating in a report on Tuesday, November 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $56.50.

Shares of NYSE GMED opened at $42.19 on Tuesday. The firm has a market capitalization of $4.20 billion, a P/E ratio of 32.21, a P/E/G ratio of 2.03 and a beta of 0.73. Globus Medical has a 52-week low of $38.01 and a 52-week high of $57.83.

Globus Medical (NYSE:GMED) last issued its earnings results on Thursday, November 8th. The medical device company reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.06. The business had revenue of $169.20 million for the quarter, compared to analysts’ expectations of $167.47 million. Globus Medical had a return on equity of 15.36% and a net margin of 20.79%. The company’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.30 EPS. Analysts anticipate that Globus Medical will post 1.62 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Oregon Public Employees Retirement Fund grew its stake in Globus Medical by 4.0% in the second quarter. Oregon Public Employees Retirement Fund now owns 28,161 shares of the medical device company’s stock valued at $1,421,000 after purchasing an additional 1,071 shares in the last quarter. OppenheimerFunds Inc. lifted its position in shares of Globus Medical by 28.4% in the second quarter. OppenheimerFunds Inc. now owns 5,173 shares of the medical device company’s stock worth $261,000 after buying an additional 1,143 shares during the last quarter. Arizona State Retirement System lifted its position in shares of Globus Medical by 2.3% in the third quarter. Arizona State Retirement System now owns 52,038 shares of the medical device company’s stock worth $2,954,000 after buying an additional 1,156 shares during the last quarter. Clarus Wealth Advisors lifted its position in shares of Globus Medical by 36.6% in the third quarter. Clarus Wealth Advisors now owns 5,334 shares of the medical device company’s stock worth $303,000 after buying an additional 1,430 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Globus Medical by 45.4% in the third quarter. PNC Financial Services Group Inc. now owns 5,086 shares of the medical device company’s stock worth $287,000 after buying an additional 1,587 shares during the last quarter. Hedge funds and other institutional investors own 65.19% of the company’s stock.

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.

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