Globus Medical (GMED) Hits New 52-Week High on Strong Earnings

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Globus Medical Inc (NYSE:GMED) shares hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $57.83 and last traded at $57.69, with a volume of 38093 shares traded. The stock had previously closed at $56.83.

The medical device company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $167.47 million. During the same quarter in the previous year, the company posted $0.30 EPS. Globus Medical’s revenue for the quarter was up 11.5% on a year-over-year basis.

A number of research analysts recently issued reports on the company. Oppenheimer set a $61.00 price target on Globus Medical and gave the company a “hold” rating in a report on Friday. Zacks Investment Research downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Monday, August 13th. Needham & Company LLC upped their price objective on shares of Globus Medical from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Leerink Swann upped their price objective on shares of Globus Medical from $61.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Piper Jaffray Companies upped their price objective on shares of Globus Medical to $62.00 and gave the stock an “overweight” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Globus Medical has a consensus rating of “Buy” and an average target price of $56.00.

In other news, Chairman David C. Paul sold 707,191 shares of the stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $54.01, for a total value of $38,195,385.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 28.44% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. Broadview Advisors LLC purchased a new position in shares of Globus Medical in the 3rd quarter valued at $7,245,000. Canada Pension Plan Investment Board grew its position in shares of Globus Medical by 21.4% in the 3rd quarter. Canada Pension Plan Investment Board now owns 591,300 shares of the medical device company’s stock valued at $33,562,000 after buying an additional 104,400 shares during the last quarter. Trexquant Investment LP purchased a new position in shares of Globus Medical in the 3rd quarter valued at $517,000. Godshalk Welsh Capital Management Inc. grew its position in shares of Globus Medical by 60.5% in the 3rd quarter. Godshalk Welsh Capital Management Inc. now owns 88,408 shares of the medical device company’s stock valued at $5,018,000 after buying an additional 33,320 shares during the last quarter. Finally, FMR LLC grew its position in shares of Globus Medical by 1.0% in the 3rd quarter. FMR LLC now owns 936,453 shares of the medical device company’s stock valued at $53,154,000 after buying an additional 8,871 shares during the last quarter. 63.95% of the stock is owned by institutional investors and hedge funds.

The stock has a market cap of $5.58 billion, a P/E ratio of 37.14, a price-to-earnings-growth ratio of 2.91 and a beta of 0.65.

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About Globus Medical (NYSE:GMED)

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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