Montag & Caldwell LLC Raises Holdings in Globus Medical, Inc. (NYSE:GMED)

Montag & Caldwell LLC increased its position in Globus Medical, Inc. (NYSE:GMED) by 30.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 19,374 shares of the medical device company’s stock after purchasing an additional 4,528 shares during the period. Montag & Caldwell LLC’s holdings in Globus Medical were worth $1,327,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC purchased a new stake in Globus Medical during the 2nd quarter valued at approximately $33,000. GAMMA Investing LLC raised its stake in shares of Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Globus Medical during the second quarter worth $52,000. YHB Investment Advisors Inc. purchased a new position in Globus Medical in the 1st quarter valued at $50,000. Finally, Nisa Investment Advisors LLC increased its stake in Globus Medical by 15.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after buying an additional 160 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on GMED shares. Wells Fargo & Company upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $60.00 to $78.00 in a research note on Wednesday, August 7th. Morgan Stanley raised their target price on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. Barclays upped their price target on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Truist Financial raised their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Piper Sandler upgraded shares of Globus Medical from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $60.00 to $80.00 in a research report on Monday, May 20th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.20.

Globus Medical Stock Performance

GMED stock opened at $69.75 on Monday. The company has a 50 day moving average price of $70.84 and a two-hundred day moving average price of $63.06. The stock has a market capitalization of $9.44 billion, a P/E ratio of 108.99, a PEG ratio of 1.91 and a beta of 1.17. Globus Medical, Inc. has a one year low of $43.38 and a one year high of $74.21.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The business had revenue of $629.69 million during the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business’s revenue for the quarter was up 115.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.63 earnings per share. Research analysts forecast that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Leslie V. Norwalk sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the sale, the director now directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 18.54% of the company’s stock.

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.