Artemis Investment Management LLP Takes $30.66 Million Position in Globus Medical, Inc. (NYSE:GMED)

Artemis Investment Management LLP acquired a new position in Globus Medical, Inc. (NYSE:GMED) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 428,519 shares of the medical device company’s stock, valued at approximately $30,656,000. Artemis Investment Management LLP owned approximately 0.32% of Globus Medical at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Ashton Thomas Private Wealth LLC acquired a new stake in Globus Medical in the second quarter worth approximately $33,000. GAMMA Investing LLC lifted its holdings in shares of Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after buying an additional 453 shares during the period. International Assets Investment Management LLC bought a new position in Globus Medical during the second quarter valued at about $52,000. Mather Group LLC. acquired a new position in Globus Medical during the first quarter worth about $69,000. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Globus Medical by 15.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock worth $80,000 after purchasing an additional 160 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GMED. Truist Financial lifted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Wells Fargo & Company upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $60.00 to $78.00 in a report on Wednesday, August 7th. Morgan Stanley upped their price target on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Finally, Barclays increased their price objective on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Globus Medical has an average rating of “Moderate Buy” and an average price target of $77.40.

Globus Medical Price Performance

NYSE GMED opened at $70.06 on Wednesday. Globus Medical, Inc. has a 52-week low of $43.38 and a 52-week high of $74.21. The firm has a market capitalization of $9.48 billion, a price-to-earnings ratio of 109.47, a P/E/G ratio of 1.97 and a beta of 1.17. The company’s fifty day moving average is $70.48 and its two-hundred day moving average is $64.94.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business had revenue of $629.69 million for the quarter, compared to analysts’ expectations of $615.33 million. During the same period in the previous year, the business posted $0.63 earnings per share. Globus Medical’s quarterly revenue was up 115.9% on a year-over-year basis. As a group, sell-side analysts expect that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Globus Medical 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 directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction 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 completion of the transaction, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Leslie V. Norwalk sold 1,000 shares of the business’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 sale, the director now owns 16,419 shares in the company, valued at $1,149,330. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.54% 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.