Argent Trust Co Purchases New Stake in Globus Medical, Inc. (NYSE:GMED)

Argent Trust Co bought a new stake in shares of Globus Medical, Inc. (NYSE:GMED) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 3,423 shares of the medical device company’s stock, valued at approximately $234,000.

A number of other large investors also recently made changes to their positions in GMED. Vestal Point Capital LP purchased a new position in Globus Medical during the fourth quarter valued at approximately $42,632,000. Millrace Asset Group Inc. acquired a new position in shares of Globus Medical in the fourth quarter worth $2,103,000. Leeward Investments LLC MA raised its holdings in shares of Globus Medical by 27.6% during the first quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock worth $11,918,000 after acquiring an additional 48,047 shares in the last quarter. Van ECK Associates Corp boosted its position in Globus Medical by 33.0% during the first quarter. Van ECK Associates Corp now owns 45,739 shares of the medical device company’s stock valued at $2,453,000 after purchasing an additional 11,359 shares during the last quarter. Finally, Swedbank AB grew its stake in Globus Medical by 15.4% in the second quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after purchasing an additional 50,000 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Morgan Stanley raised their price target on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Royal Bank of Canada increased their price target on shares of Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Truist Financial lifted their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $60.00 to $78.00 in a research report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Globus Medical has an average rating of “Moderate Buy” and a consensus target price of $77.20.

Globus Medical Price Performance

GMED stock opened at $70.58 on Friday. The stock has a market capitalization of $9.55 billion, a price-to-earnings ratio of 110.28, a price-to-earnings-growth ratio of 1.91 and a beta of 1.17. The company has a 50-day moving average of $70.88 and a two-hundred day moving average of $63.47. Globus Medical, Inc. has a 52-week low of $43.38 and a 52-week high of $74.21.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.07. The firm had revenue of $629.69 million during the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The firm’s revenue for the quarter was up 115.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.63 EPS. Equities analysts expect that Globus Medical, Inc. will post 2.84 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the transaction, the director now directly owns 16,419 shares in the company, valued at approximately $1,149,330. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the sale, the director now owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the transaction, the director now owns 16,419 shares of the company’s stock, valued at $1,149,330. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by insiders.

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.