Summitry LLC Acquires New Shares in Globus Medical, Inc. (NYSE:GMED)

Summitry LLC acquired a new stake in Globus Medical, Inc. (NYSE:GMED) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,608 shares of the medical device company’s stock, valued at approximately $298,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of Globus Medical during the 4th quarter valued at $230,000. Segall Bryant & Hamill LLC raised its holdings in shares of Globus Medical by 3.6% in the 4th quarter. Segall Bryant & Hamill LLC now owns 401,858 shares of the medical device company’s stock valued at $33,238,000 after acquiring an additional 14,121 shares in the last quarter. Prudential Financial Inc. raised its holdings in shares of Globus Medical by 29.6% in the 4th quarter. Prudential Financial Inc. now owns 15,906 shares of the medical device company’s stock valued at $1,316,000 after acquiring an additional 3,637 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Globus Medical by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company’s stock valued at $898,548,000 after acquiring an additional 240,218 shares during the last quarter. Finally, Bridge City Capital LLC grew its stake in Globus Medical by 8.1% in the 4th quarter. Bridge City Capital LLC now owns 116,875 shares of the medical device company’s stock worth $9,667,000 after buying an additional 8,732 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Up 0.8 %

NYSE:GMED opened at $76.65 on Wednesday. Globus Medical, Inc. has a 52 week low of $49.33 and a 52 week high of $94.93. The stock has a market cap of $10.54 billion, a price-to-earnings ratio of 102.20, a PEG ratio of 1.61 and a beta of 1.19. The company’s 50 day moving average price is $83.16 and its 200-day moving average price is $79.92.

Globus Medical (NYSE:GMED) last issued its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The business had revenue of $657.29 million during the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. As a group, sell-side analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GMED. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $83.00 to $100.00 in a report on Monday, December 2nd. Canaccord Genuity Group raised their price target on shares of Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Finally, Truist Financial decreased their target price on Globus Medical from $90.00 to $82.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.09.

Insider Buying and Selling

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 18.54% of the stock is currently owned by corporate insiders.

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.