Vanguard Group Inc. Purchases 32,220 Shares of Globus Medical, Inc. (NYSE:GMED)

Vanguard Group Inc. boosted its position in Globus Medical, Inc. (NYSE:GMED) by 0.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,277,722 shares of the medical device company’s stock after acquiring an additional 32,220 shares during the quarter. Vanguard Group Inc. owned 8.33% of Globus Medical worth $600,990,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. increased its stake in Globus Medical by 3.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 7,094 shares of the medical device company’s stock valued at $378,000 after acquiring an additional 244 shares during the last quarter. Allworth Financial LP grew its stake in shares of Globus Medical by 25.7% during the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after buying an additional 254 shares during the last quarter. Treasurer of the State of North Carolina grew its stake in shares of Globus Medical by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 52,565 shares of the medical device company’s stock worth $2,801,000 after buying an additional 520 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Globus Medical during the third quarter worth $28,000. Finally, Moran Wealth Management LLC grew its stake in shares of Globus Medical by 0.9% during the fourth quarter. Moran Wealth Management LLC now owns 82,903 shares of the medical device company’s stock worth $4,418,000 after buying an additional 708 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Up 1.1 %

GMED stock opened at $67.24 on Tuesday. The firm has a market cap of $9.10 billion, a price-to-earnings ratio of 105.06, a PEG ratio of 1.87 and a beta of 1.15. Globus Medical, Inc. has a 12-month low of $43.38 and a 12-month high of $67.89. The company’s fifty day simple moving average is $60.95 and its 200 day simple moving average is $55.93.

Globus Medical (NYSE:GMED) last released its earnings results 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 net margin of 3.51% and a return on equity of 8.82%. The business had revenue of $606.67 million for the quarter, compared to analyst estimates of $586.82 million. During the same quarter in the previous year, the business earned $0.53 earnings per share. Globus Medical’s revenue for the quarter was up 119.3% on a year-over-year basis. Research analysts expect that Globus Medical, Inc. will post 2.82 earnings per share for the current year.

Analyst Ratings Changes

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

Insider Activity

In other news, Director Dan Lemaitre sold 63,300 shares of the company’s stock in a transaction dated 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 SEC, which is accessible through this link. In other news, Director Dan Lemaitre sold 63,300 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $64.61, for a total transaction of $4,089,813.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David D. Davidar sold 20,000 shares of the business’s 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 sale, the director now directly owns 566,275 shares of the company’s stock, valued at $36,807,875. The disclosure for this sale can be found here. Company insiders own 18.54% 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.