HighPoint Advisor Group LLC Takes $201,000 Position in Globus Medical, Inc. (NYSE:GMED)

HighPoint Advisor Group LLC purchased a new position in shares of Globus Medical, Inc. (NYSE:GMED) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,930 shares of the medical device company’s stock, valued at approximately $201,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Globus Medical by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock valued at $600,990,000 after acquiring an additional 32,220 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Globus Medical by 9.5% in the 4th quarter. Wellington Management Group LLP now owns 2,912,454 shares of the medical device company’s stock worth $155,205,000 after buying an additional 252,510 shares during the last quarter. Aurora Investment Counsel bought a new position in Globus Medical during the fourth quarter valued at about $1,795,000. Boone Capital Management LLC grew its position in Globus Medical by 23.7% during the fourth quarter. Boone Capital Management LLC now owns 529,825 shares of the medical device company’s stock valued at $28,234,000 after buying an additional 101,373 shares during the period. Finally, Sirios Capital Management L P raised its position in Globus Medical by 69.2% in the fourth quarter. Sirios Capital Management L P now owns 368,771 shares of the medical device company’s stock worth $19,652,000 after acquiring an additional 150,820 shares during the period. 95.16% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday, May 8th. Stifel Nicolaus boosted their target price on Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Barclays upped their price target on Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, May 9th. BTIG Research lifted their price objective on Globus Medical from $63.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Finally, Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $60.00 to $80.00 in a report on Monday, May 20th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $69.40.

Insider Buying and Selling

In other Globus Medical news, Director Dan Lemaitre sold 63,300 shares of Globus Medical stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $64.61, for a total transaction of $4,089,813.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director David D. Davidar sold 20,000 shares of the stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $65.00, for a total transaction of $1,300,000.00. Following the transaction, the director now directly owns 566,275 shares in the company, valued at approximately $36,807,875. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dan Lemaitre sold 63,300 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The disclosure for this sale can be found here. 18.54% of the stock is owned by company insiders.

Globus Medical Price Performance

NYSE GMED opened at $66.52 on Friday. The company’s 50 day simple moving average is $60.64 and its two-hundred day simple moving average is $55.70. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $67.89. The stock has a market capitalization of $9.00 billion, a PE ratio of 103.94, a P/E/G ratio of 1.87 and a beta of 1.15.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.17. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The company had revenue of $606.67 million during the quarter, compared to analyst estimates of $586.82 million. During the same quarter last year, the company earned $0.53 earnings per share. The firm’s quarterly revenue was up 119.3% on a year-over-year basis. On average, research analysts anticipate that Globus Medical, Inc. will post 2.82 EPS for the current year.

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.