Wealth Enhancement Advisory Services LLC Buys 140 Shares of Globus Medical, Inc. (NYSE:GMED)

Wealth Enhancement Advisory Services LLC lifted its stake in Globus Medical, Inc. (NYSE:GMED) by 2.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,637 shares of the medical device company’s stock after buying an additional 140 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Globus Medical were worth $403,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Swedbank AB lifted its stake in Globus Medical by 15.4% in the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after purchasing an additional 50,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in shares of Globus Medical by 17.9% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock worth $77,852,000 after buying an additional 172,605 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in Globus Medical by 12.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock valued at $4,839,000 after buying an additional 9,754 shares during the last quarter. GSA Capital Partners LLP bought a new position in Globus Medical during the first quarter valued at approximately $429,000. Finally, Sanctuary Advisors LLC purchased a new position in Globus Medical during the 2nd quarter valued at approximately $611,000. Institutional investors own 95.16% of the company’s stock.

Globus Medical Price Performance

Shares of NYSE GMED opened at $80.88 on Friday. The company has a market cap of $10.95 billion, a P/E ratio of 120.72, a PEG ratio of 2.19 and a beta of 1.17. The firm has a 50-day simple moving average of $72.28 and a two-hundred day simple moving average of $68.46. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $84.87.

Globus Medical (NYSE:GMED) last posted 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 return on equity of 9.98% and a net margin of 3.69%. The company had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter in the previous year, the business earned $0.57 EPS. Globus Medical’s revenue was up 63.1% compared to the same quarter last year. As a group, equities research analysts expect that Globus Medical, Inc. will post 2.97 EPS for the current year.

Analyst Ratings Changes

GMED has been the topic of several recent research reports. Piper Sandler upped their price objective on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday. BTIG Research increased their price objective on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Barclays boosted their target price on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Truist Financial increased their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $87.09.

Insider Transactions at Globus Medical

In related news, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Kelly Huller sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 110,000 shares of company stock worth $8,512,850. Insiders own 18.54% of the company’s stock.

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.