Exchange Traded Concepts LLC Has $13.69 Million Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Exchange Traded Concepts LLC decreased its stake in Globus Medical, Inc. (NYSE:GMED) by 16.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 191,316 shares of the medical device company’s stock after selling 38,507 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Globus Medical were worth $13,687,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of GMED. Wellington Management Group LLP boosted its position in shares of Globus Medical by 9.5% in the fourth quarter. Wellington Management Group LLP now owns 2,912,454 shares of the medical device company’s stock worth $155,205,000 after buying an additional 252,510 shares during the period. Vanguard Group Inc. grew its stake in Globus Medical by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock valued at $600,990,000 after acquiring an additional 32,220 shares in the last quarter. HighPoint Advisor Group LLC acquired a new position in shares of Globus Medical in the 4th quarter valued at about $201,000. Moody National Bank Trust Division acquired a new position in shares of Globus Medical in the 1st quarter valued at about $233,000. Finally, Juncture Wealth Strategies LLC purchased a new stake in shares of Globus Medical in the first quarter worth approximately $362,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. BTIG Research increased their target price on shares of Globus Medical from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Truist Financial lifted their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Royal Bank of Canada boosted their target price on Globus Medical from $78.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Barclays raised their price target on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Finally, Morgan Stanley boosted their price target on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $77.40.

Insiders Place Their Bets

In related news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the sale, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Stock Performance

Shares of GMED stock opened at $70.57 on Friday. The firm’s 50 day moving average price is $70.45 and its two-hundred day moving average price is $65.37. Globus Medical, Inc. has a 52-week low of $43.38 and a 52-week high of $74.21. The stock has a market cap of $9.55 billion, a PE ratio of 110.27, a PEG ratio of 1.94 and a beta of 1.17.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results 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 company had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. Globus Medical’s revenue was up 115.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.63 EPS. As a group, sell-side analysts predict that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

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.