Private Advisor Group LLC Grows Stock Position in Globus Medical, Inc. (NYSE:GMED)

Private Advisor Group LLC boosted its position in Globus Medical, Inc. (NYSE:GMED) by 16.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,236 shares of the medical device company’s stock after buying an additional 598 shares during the quarter. Private Advisor Group LLC’s holdings in Globus Medical were worth $303,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Berry Wealth Group LP purchased a new stake in Globus Medical in the third quarter worth $232,000. Raymond James & Associates grew its position in shares of Globus Medical by 8.5% in the third quarter. Raymond James & Associates now owns 299,294 shares of the medical device company’s stock valued at $21,411,000 after purchasing an additional 23,349 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Globus Medical in the third quarter valued at $27,000. Harbour Capital Advisors LLC purchased a new position in shares of Globus Medical in the third quarter valued at $359,000. Finally, nVerses Capital LLC purchased a new position in shares of Globus Medical in the third quarter valued at $422,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Trading Up 9.4 %

NYSE GMED opened at $82.70 on Thursday. The stock has a 50-day moving average of $71.92 and a 200-day moving average of $68.16. The firm has a market cap of $11.20 billion, a PE ratio of 275.67, a price-to-earnings-growth ratio of 2.06 and a beta of 1.17. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $84.87.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same quarter in the prior year, the company posted $0.57 EPS. Globus Medical’s quarterly revenue was up 63.1% compared to the same quarter last year. As a group, equities research analysts forecast that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GMED has been the subject of several recent analyst reports. Royal Bank of Canada boosted their target price on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday. Barclays boosted their target price on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Morgan Stanley boosted their target price on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Canaccord Genuity Group lifted their price target on Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Bank of America lifted their price target on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $87.09.

Insiders Place Their Bets

In related news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the transaction, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Globus Medical news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the sale, the director now owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of 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 position. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Globus Medical 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.