Everence Capital Management Inc. Takes Position in Globus Medical, Inc. (NYSE:GMED)

Everence Capital Management Inc. purchased a new position in shares of Globus Medical, Inc. (NYSE:GMED) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,470 shares of the medical device company’s stock, valued at approximately $204,000.

Several other institutional investors also recently modified their holdings of the business. State Street Corp grew its position in shares of Globus Medical by 2.3% in the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock valued at $255,450,000 after buying an additional 81,371 shares during the last quarter. Burgundy Asset Management Ltd. lifted its stake in shares of Globus Medical by 1.4% in the second quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock worth $172,245,000 after acquiring an additional 35,054 shares during the period. Geode Capital Management LLC lifted its stake in shares of Globus Medical by 1.2% in the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after acquiring an additional 21,935 shares during the period. Magnetar Financial LLC boosted its holdings in Globus Medical by 1.7% in the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after acquiring an additional 29,200 shares during the last quarter. Finally, Geneva Capital Management LLC increased its position in Globus Medical by 1.1% during the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after purchasing an additional 18,117 shares during the period. Institutional investors own 95.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Piper Sandler upped their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $83.00 to $100.00 in a research report on Monday, December 2nd. Roth Mkm lifted their price objective on Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Bank of America upped their target price on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company lifted their target price on Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $94.55.

Insider Transactions at Globus Medical

In other news, Director David D. Davidar sold 30,000 shares of the company’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 value of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. This represents a 5.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Kelly Huller sold 2,500 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The disclosure for this sale can be found here. Insiders sold a total of 97,500 shares of company stock valued at $7,674,950 over the last ninety days. 18.54% of the stock is currently owned by insiders.

Globus Medical Trading Up 3.5 %

NYSE GMED opened at $86.34 on Thursday. The company has a market cap of $11.76 billion, a P/E ratio of 128.87, a PEG ratio of 1.97 and a beta of 1.19. The company has a fifty day simple moving average of $82.56 and a 200 day simple moving average of $74.94. Globus Medical, Inc. has a 12-month low of $49.33 and a 12-month high of $87.22.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same period last year, the company earned $0.57 earnings per share. The business’s revenue was up 63.1% on a year-over-year basis. Sell-side analysts predict that Globus Medical, Inc. will post 2.97 EPS for the current year.

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.