Swedbank AB Increases Holdings in Globus Medical, Inc. (NYSE:GMED)

Swedbank AB lifted its position in Globus Medical, Inc. (NYSE:GMED) by 15.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 375,000 shares of the medical device company’s stock after purchasing an additional 50,000 shares during the quarter. Swedbank AB owned about 0.28% of Globus Medical worth $25,684,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vestal Point Capital LP acquired a new stake in shares of Globus Medical in the fourth quarter worth $42,632,000. Millrace Asset Group Inc. purchased a new stake in shares of Globus Medical during the fourth quarter worth approximately $2,103,000. Van ECK Associates Corp grew its holdings in Globus Medical by 82.6% in the fourth quarter. Van ECK Associates Corp now owns 34,380 shares of the medical device company’s stock valued at $1,832,000 after purchasing an additional 15,552 shares during the last quarter. Leeward Investments LLC MA grew its holdings in Globus Medical by 27.6% in the first quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock valued at $11,918,000 after purchasing an additional 48,047 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Globus Medical by 6.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,007,812 shares of the medical device company’s stock worth $53,706,000 after buying an additional 60,060 shares during the period. 95.16% of the stock is owned by institutional investors.

Globus Medical Trading Up 1.6 %

Shares of Globus Medical stock traded up $1.07 on Friday, hitting $69.86. 826,297 shares of the company traded hands, compared to its average volume of 1,107,951. The stock’s 50 day moving average price is $69.37 and its 200-day moving average price is $60.44. Globus Medical, Inc. has a 52 week low of $43.38 and a 52 week high of $74.21. The company has a market cap of $9.46 billion, a PE ratio of 109.16, a PEG ratio of 1.95 and a beta of 1.15.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The firm had revenue of $629.69 million for the quarter, compared to analyst estimates of $615.33 million. During the same period in the previous year, the company earned $0.63 earnings per share. The business’s quarterly revenue was up 115.9% compared to the same quarter last year. As a group, research analysts anticipate that Globus Medical, Inc. will post 2.82 EPS for the current fiscal year.

Insider Activity at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of Globus Medical 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 sale, the director now owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 18.54% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on GMED. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 7th. Morgan Stanley boosted their price objective on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Wells Fargo & Company upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $60.00 to $78.00 in a report on Wednesday, August 7th. Barclays boosted their price target on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Finally, Piper Sandler raised Globus Medical from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $60.00 to $80.00 in a research report on Monday, May 20th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $77.00.

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.