Sei Investments Co. Grows Position in Globus Medical, Inc. (NYSE:GMED)

Sei Investments Co. lifted its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 4.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 96,775 shares of the medical device company’s stock after acquiring an additional 4,505 shares during the period. Sei Investments Co. owned 0.07% of Globus Medical worth $8,004,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Cerity Partners LLC grew its holdings in shares of Globus Medical by 25.9% during the third quarter. Cerity Partners LLC now owns 45,750 shares of the medical device company’s stock worth $3,273,000 after buying an additional 9,404 shares in the last quarter. Bank of Montreal Can grew its stake in Globus Medical by 1,142.4% in the 3rd quarter. Bank of Montreal Can now owns 231,323 shares of the medical device company’s stock worth $16,334,000 after acquiring an additional 212,704 shares during the period. FMR LLC raised its holdings in Globus Medical by 338.4% in the 3rd quarter. FMR LLC now owns 38,723 shares of the medical device company’s stock valued at $2,770,000 after acquiring an additional 29,890 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Globus Medical by 1.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 291,170 shares of the medical device company’s stock worth $20,830,000 after purchasing an additional 3,584 shares during the period. Finally, Verition Fund Management LLC increased its stake in Globus Medical by 7.1% in the third quarter. Verition Fund Management LLC now owns 9,980 shares of the medical device company’s stock valued at $714,000 after purchasing an additional 665 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GMED. BTIG Research increased their target price on Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Truist Financial dropped their price target on shares of Globus Medical from $90.00 to $82.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. Barclays lifted their price target on shares of Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Wells Fargo & Company dropped their price objective on Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Finally, Canaccord Genuity Group lifted their target price on Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a report on Friday, January 10th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Globus Medical has an average rating of “Moderate Buy” and a consensus target price of $97.09.

Insider Activity at Globus Medical

In related news, CFO Keith W. Pfeil sold 14,167 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 18.54% of the stock is currently owned by company insiders.

Globus Medical Stock Performance

Globus Medical stock opened at $72.49 on Monday. The firm has a market capitalization of $9.97 billion, a PE ratio of 96.65, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19. Globus Medical, Inc. has a one year low of $49.33 and a one year high of $94.93. The stock’s 50 day moving average price is $82.14 and its 200 day moving average price is $80.00.

Globus Medical (NYSE:GMED) last posted its earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The business had revenue of $657.29 million for the quarter, compared to analysts’ expectations of $646.19 million. On average, analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

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.