Globus Medical Inc. (GMED) Stock Rating Lowered by Morgan Stanley

Globus Medical Inc. (NYSE:GMED) was downgraded by equities research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday.

Globus Medical (NYSE:GMED) traded down 15.74% on Wednesday, reaching $22.27. The company had a trading volume of 7,953,920 shares. The stock has a market capitalization of $2.13 billion and a P/E ratio of 18.56. The stock’s 50-day moving average price is $24.57 and its 200-day moving average price is $24.23. Globus Medical has a 12-month low of $20.48 and a 12-month high of $28.99.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, July 26th. The medical device company reported $0.29 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.29. The business had revenue of $137.49 million for the quarter, compared to analysts’ expectations of $141.78 million. The firm’s revenue was up 2.9% on a year-over-year basis. On average, equities research analysts anticipate that Globus Medical will post $1.20 EPS for the current fiscal year.

Several hedge funds have modified their holdings of GMED. Fox Run Management L.L.C. increased its stake in shares of Globus Medical by 0.5% in the second quarter. Fox Run Management L.L.C. now owns 20,100 shares of the medical device company’s stock worth $479,000 after buying an additional 100 shares during the period. LPL Financial LLC increased its stake in shares of Globus Medical by 0.3% in the first quarter. LPL Financial LLC now owns 52,396 shares of the medical device company’s stock worth $1,242,000 after buying an additional 152 shares during the period. Metropolitan Life Insurance Co. NY increased its stake in shares of Globus Medical by 1.0% in the first quarter. Metropolitan Life Insurance Co. NY now owns 48,993 shares of the medical device company’s stock worth $1,164,000 after buying an additional 469 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Globus Medical by 3.0% in the first quarter. Envestnet Asset Management Inc. now owns 25,249 shares of the medical device company’s stock worth $600,000 after buying an additional 738 shares during the period. Finally, OLD National Bancorp IN increased its stake in shares of Globus Medical by 4.9% in the first quarter. OLD National Bancorp IN now owns 23,748 shares of the medical device company’s stock worth $564,000 after buying an additional 1,116 shares during the period.

Several other brokerages have also issued reports on GMED. Zacks Investment Research lowered Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, April 27th. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $29.00 target price on shares of Globus Medical in a research report on Saturday, June 25th. Goldman Sachs Group Inc. lowered Globus Medical from a “neutral” rating to a “sell” rating and set a $21.00 target price for the company. in a research report on Thursday, May 26th. Wells Fargo & Co. lowered Globus Medical from an “outperform” rating to a “market perform” rating and set a $23.00 target price for the company. in a research report on Wednesday. Finally, Leerink Swann reaffirmed a “buy” rating on shares of Globus Medical in a research report on Wednesday, May 4th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. Globus Medical presently has a consensus rating of “Hold” and a consensus price target of $27.64.

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.