Swedbank AB Has $28.62 Million Stock Position in Globus Medical, Inc. (NYSE:GMED)

Swedbank AB raised its stake in Globus Medical, Inc. (NYSE:GMED) by 6.7% during the 3rd quarter, Holdings Channel reports. The fund owned 400,000 shares of the medical device company’s stock after acquiring an additional 25,000 shares during the period. Swedbank AB’s holdings in Globus Medical were worth $28,616,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of GMED. Vaughan Nelson Investment Management L.P. boosted 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 valued at $77,852,000 after acquiring an additional 172,605 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of Globus Medical during the 2nd quarter worth approximately $611,000. AXA S.A. increased its holdings in shares of Globus Medical by 0.5% during the second quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after purchasing an additional 7,443 shares during the period. Victory Capital Management Inc. raised its position in shares of Globus Medical by 855.3% in the second quarter. Victory Capital Management Inc. now owns 381,253 shares of the medical device company’s stock valued at $26,112,000 after buying an additional 341,342 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Globus Medical in the third quarter valued at approximately $523,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the transaction, the director now owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 25.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kelly Huller sold 5,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,000 shares of company stock valued at $8,512,850. 18.54% of the stock is currently owned by corporate insiders.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $84.49 on Tuesday. Globus Medical, Inc. has a one year low of $44.02 and a one year high of $85.33. The company has a market cap of $11.51 billion, a price-to-earnings ratio of 126.10, a PEG ratio of 2.02 and a beta of 1.17. The firm has a 50 day simple moving average of $75.05 and a 200 day simple moving average of $71.04.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The company had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. Globus Medical’s revenue was up 63.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.57 EPS. As a group, analysts expect that Globus Medical, Inc. will post 2.98 EPS for the current year.

Analyst Ratings Changes

GMED has been the subject of several analyst reports. Piper Sandler lifted their price objective on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. StockNews.com cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday, November 6th. Wells Fargo & Company boosted their target price on shares of Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada increased their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $88.18.

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.