Davis Investment Partners LLC Purchases New Stake in Globus Medical, Inc. $GMED

Davis Investment Partners LLC purchased a new stake in shares of Globus Medical, Inc. (NYSE:GMED) in the 4th quarter, Holdings Channel reports. The fund purchased 9,617 shares of the medical device company’s stock, valued at approximately $840,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Globus Medical by 2.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,316 shares of the medical device company’s stock valued at $375,000 after purchasing an additional 170 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of Globus Medical by 45.1% during the 3rd quarter. Parallel Advisors LLC now owns 557 shares of the medical device company’s stock worth $32,000 after buying an additional 173 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Globus Medical by 14.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,438 shares of the medical device company’s stock worth $82,000 after buying an additional 184 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Globus Medical by 74.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock worth $27,000 after buying an additional 197 shares during the period. Finally, Probity Advisors Inc. grew its stake in Globus Medical by 5.5% in the 3rd quarter. Probity Advisors Inc. now owns 3,792 shares of the medical device company’s stock valued at $217,000 after buying an additional 199 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Barclays increased their price target on shares of Globus Medical from $118.00 to $123.00 and gave the company an “overweight” rating in a report on Wednesday, February 25th. Wells Fargo & Company upgraded Globus Medical to a “strong-buy” rating in a report on Wednesday. Morgan Stanley upped their target price on Globus Medical from $70.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, December 2nd. Citigroup reiterated a “market perform” rating on shares of Globus Medical in a research note on Thursday, January 8th. Finally, Truist Financial set a $115.00 price target on Globus Medical in a report on Wednesday, February 25th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $104.36.

Insider Activity at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 2,000 shares of the firm’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total transaction of $202,200.00. Following the transaction, the director owned 10,419 shares in the company, valued at $1,053,360.90. This trade represents a 16.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kyle Kline sold 3,594 shares of Globus Medical stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $101.10, for a total value of $363,353.40. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 35,594 shares of company stock worth $3,332,253. Company insiders own 18.51% of the company’s stock.

Globus Medical Stock Down 0.2%

Shares of Globus Medical stock opened at $86.38 on Friday. Globus Medical, Inc. has a twelve month low of $51.79 and a twelve month high of $101.40. The company has a 50-day simple moving average of $90.27 and a two-hundred day simple moving average of $78.96. The stock has a market capitalization of $11.68 billion, a price-to-earnings ratio of 21.92, a price-to-earnings-growth ratio of 2.03 and a beta of 1.05.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.22. Globus Medical had a net margin of 18.30% and a return on equity of 12.57%. The firm had revenue of $826.42 million for the quarter, compared to analyst estimates of $803.29 million. During the same quarter in the prior year, the business posted $0.84 EPS. The business’s revenue was up 25.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical Company Profile

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.