Argent Trust Co Buys Shares of 2,698 Globus Medical, Inc. (NYSE:GMED)

Posted by Don Miller on May 26th, 2023

Argent Trust Co bought a new stake in Globus Medical, Inc. (NYSE:GMED – Get Rating) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,698 shares of the medical device company’s stock, valued at approximately $200,000.

Other institutional investors also recently made changes to their positions in the company. Ronald Blue Trust Inc. raised its position in shares of Globus Medical by 160.1% during the 4th quarter. Ronald Blue Trust Inc. now owns 450 shares of the medical device company’s stock valued at $27,000 after acquiring an additional 277 shares in the last quarter. Benjamin Edwards Inc. raised its position in shares of Globus Medical by 51.9% during the 4th quarter. Benjamin Edwards Inc. now owns 439 shares of the medical device company’s stock valued at $33,000 after acquiring an additional 150 shares in the last quarter. Signaturefd LLC raised its position in shares of Globus Medical by 192.9% during the 3rd quarter. Signaturefd LLC now owns 820 shares of the medical device company’s stock valued at $49,000 after acquiring an additional 540 shares in the last quarter. Covestor Ltd raised its position in shares of Globus Medical by 86.5% during the 1st quarter. Covestor Ltd now owns 785 shares of the medical device company’s stock valued at $58,000 after acquiring an additional 364 shares in the last quarter. Finally, AlphaCentric Advisors LLC acquired a new stake in shares of Globus Medical during the 3rd quarter valued at approximately $60,000. 74.23% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Dan Lemaitre sold 43,450 shares of the company’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $56.98, for a total value of $2,475,781.00. Following the completion of the sale, the director now owns 10,800 shares in the company, valued at $615,384. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 24.41% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on GMED shares. Bank of America downgraded Globus Medical from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $83.00 to $63.00 in a research note on Monday, February 13th. BTIG Research downgraded Globus Medical from a “buy” rating to a “neutral” rating in a research note on Thursday, February 9th. Barclays lowered their price objective on Globus Medical from $82.00 to $75.00 in a research note on Wednesday, February 22nd. Truist Financial downgraded Globus Medical from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $85.00 to $70.00 in a research note on Friday, February 10th. Finally, Wells Fargo & Company lowered their price objective on Globus Medical from $67.00 to $61.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $70.50.

Globus Medical Stock Down 0.6 %

Shares of Globus Medical stock opened at $53.07 on Friday. The firm has a market cap of $5.32 billion, a price-to-earnings ratio of 26.94, a price-to-earnings-growth ratio of 1.81 and a beta of 1.06. The business has a fifty day simple moving average of $56.32 and a 200-day simple moving average of $64.35. Globus Medical, Inc. has a fifty-two week low of $50.92 and a fifty-two week high of $80.04.

Globus Medical (NYSE:GMED – Get Rating) last announced its quarterly earnings data on Thursday, May 4th. The medical device company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.02. The business had revenue of $276.90 million during the quarter, compared to analyst estimates of $254.05 million. Globus Medical had a return on equity of 12.26% and a net margin of 18.82%. The company’s revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 earnings per share. Analysts anticipate that Globus Medical, Inc. will post 2.32 earnings per share for the current fiscal year.

Globus Medical Profile

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Globus Medical, Inc operates as a medical device company that develops and commercializes healthcare solutions. The firm engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.