Globus Medical (NYSE:GMED) Reaches New 1-Year High - Here's What Happened

Globus Medical, Inc. (NYSE:GMED - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $90.95 and last traded at $90.56, with a volume of 1676294 shares changing hands. The stock had previously closed at $88.18.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Canaccord Genuity Group increased their target price on Globus Medical from $92.00 to $101.00 and gave the company a "buy" rating in a report on Friday, January 10th. StockNews.com lowered Globus Medical from a "buy" rating to a "hold" rating in a research note on Wednesday, November 20th. Wells Fargo & Company raised their target price on Globus Medical from $88.00 to $95.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 11th. Stifel Nicolaus boosted their target price on Globus Medical from $80.00 to $92.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Finally, Royal Bank of Canada raised their price target on Globus Medical from $80.00 to $92.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $96.91.

Globus Medical Stock Down 0.3 %

The firm has a market cap of $12.31 billion, a P/E ratio of 134.94, a P/E/G ratio of 1.80 and a beta of 1.19. The business has a fifty day simple moving average of $83.71 and a 200-day simple moving average of $75.64.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same period last year, the business earned $0.57 EPS. Globus Medical's quarterly revenue was up 63.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Globus Medical, Inc. will post 2.98 EPS for the current fiscal year.

Insider Activity

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the company's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Keith W. Pfeil sold 14,167 shares of the firm's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 81,667 shares of company stock worth $6,674,554. Insiders own 18.54% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GMED. Crossmark Global Holdings Inc. raised its holdings in Globus Medical by 3.9% in the 4th quarter. Crossmark Global Holdings Inc. now owns 8,051 shares of the medical device company's stock worth $666,000 after acquiring an additional 301 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Globus Medical by 60.2% in the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company's stock worth $45,000 after purchasing an additional 206 shares in the last quarter. Artemis Investment Management LLP raised its stake in shares of Globus Medical by 20.6% in the fourth quarter. Artemis Investment Management LLP now owns 516,887 shares of the medical device company's stock worth $42,752,000 after purchasing an additional 88,368 shares during the last quarter. HB Wealth Management LLC bought a new position in shares of Globus Medical during the fourth quarter valued at $301,000. Finally, Park Avenue Securities LLC boosted its position in shares of Globus Medical by 26.4% during the fourth quarter. Park Avenue Securities LLC now owns 7,405 shares of the medical device company's stock valued at $612,000 after buying an additional 1,546 shares during the last quarter. Institutional investors own 95.16% of the company's stock.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.