Truist Financial Lowers Globus Medical (NYSE:GMED) Price Target to $80.00

Globus Medical (NYSE:GMED - Get Free Report) had its price target lowered by Truist Financial from $82.00 to $80.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "hold" rating on the medical device company's stock. Truist Financial's price target would suggest a potential upside of 12.91% from the stock's current price.

GMED has been the topic of a number of other research reports. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research report on Tuesday, March 18th. Canaccord Genuity Group lifted their price target on shares of Globus Medical from $92.00 to $101.00 and gave the company a "buy" rating in a research report on Friday, January 10th. StockNews.com downgraded shares of Globus Medical from a "buy" rating to a "hold" rating in a report on Friday, March 21st. Barclays increased their price target on shares of Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Finally, BTIG Research upped their price objective on Globus Medical from $87.00 to $91.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th. 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 stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.91.

Globus Medical Stock Down 2.1 %

Shares of NYSE GMED traded down $1.50 during midday trading on Friday, reaching $70.85. 389,219 shares of the stock were exchanged, compared to its average volume of 1,040,887. The firm has a 50-day simple moving average of $76.49 and a two-hundred day simple moving average of $80.03. Globus Medical has a twelve month low of $49.33 and a twelve month high of $94.93. The firm has a market cap of $9.74 billion, a price-to-earnings ratio of 94.47, a PEG ratio of 1.61 and a beta of 1.28.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $657.29 million during the quarter, compared to analyst estimates of $646.19 million. Research analysts expect that Globus Medical will post 3.44 EPS for the current fiscal year.

Institutional Trading of Globus Medical

Large investors have recently bought and sold shares of the business. FMR LLC raised its stake in Globus Medical by 338.4% during the 3rd quarter. FMR LLC now owns 38,723 shares of the medical device company's stock valued at $2,770,000 after acquiring an additional 29,890 shares during the last quarter. Quantinno Capital Management LP increased its stake in Globus Medical by 18.5% in the 3rd quarter. Quantinno Capital Management LP now owns 3,889 shares of the medical device company's stock valued at $278,000 after buying an additional 606 shares during the period. Stifel Financial Corp lifted its holdings in Globus Medical by 0.6% in the third quarter. Stifel Financial Corp now owns 52,835 shares of the medical device company's stock valued at $3,780,000 after acquiring an additional 306 shares during the period. M&T Bank Corp grew its position in Globus Medical by 3.6% during the third quarter. M&T Bank Corp now owns 6,926 shares of the medical device company's stock worth $496,000 after buying an additional 241 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Globus Medical by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company's stock valued at $134,893,000 after acquiring an additional 21,935 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

About Globus Medical

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.