Handelsbanken Fonder AB Buys 11,200 Shares of Globus Medical, Inc. (NYSE:GMED)

Handelsbanken Fonder AB grew its position in shares of Globus Medical, Inc. (NYSE:GMED) by 38.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,097 shares of the medical device company’s stock after buying an additional 11,200 shares during the quarter. Handelsbanken Fonder AB’s holdings in Globus Medical were worth $2,869,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Globus Medical Price Performance

Globus Medical stock opened at $70.06 on Wednesday. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $74.21. The firm’s 50 day moving average price is $70.48 and its 200-day moving average price is $64.94. The stock has a market cap of $9.48 billion, a P/E ratio of 109.41, a PEG ratio of 1.97 and a beta of 1.17.

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

Insider Activity

In other news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Globus Medical news, 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 transaction, the director now owns 16,419 shares in the company, valued at $1,149,330. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction dated 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 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. Corporate insiders own 18.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GMED. BTIG Research upped their target price on shares of Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Royal Bank of Canada upped their price objective on Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday. Barclays lifted their target price on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 7th. Finally, Truist Financial lifted their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $77.40.

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.