Eaton Vance Management Purchases 9,864 Shares of Globus Medical, Inc. (NYSE:GMED)

Eaton Vance Management raised its position in Globus Medical, Inc. (NYSE:GMED – Get Rating) by 60.9% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 26,067 shares of the medical device company’s stock after buying an additional 9,864 shares during the period. Eaton Vance Management’s holdings in Globus Medical were worth $1,553,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of GMED. American Century Companies Inc. boosted its position in Globus Medical by 91.2% in the 1st quarter. American Century Companies Inc. now owns 6,507 shares of the medical device company’s stock valued at $480,000 after buying an additional 3,104 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Globus Medical by 33.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 15,578 shares of the medical device company’s stock worth $1,150,000 after purchasing an additional 3,913 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Globus Medical by 10.5% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 28,964 shares of the medical device company’s stock worth $2,137,000 after purchasing an additional 2,758 shares during the last quarter. BlackRock Inc. boosted its position in shares of Globus Medical by 0.7% in the 1st quarter. BlackRock Inc. now owns 7,347,858 shares of the medical device company’s stock worth $542,124,000 after purchasing an additional 48,913 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its position in shares of Globus Medical by 8.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 42,930 shares of the medical device company’s stock worth $3,255,000 after purchasing an additional 3,211 shares during the last quarter. 74.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GMED has been the topic of several recent research reports. BTIG Research lowered Globus Medical from a “buy” rating to a “neutral” rating in a research report on Thursday, February 9th. Barclays reduced their price target on Globus Medical from $82.00 to $75.00 in a research report on Wednesday, February 22nd. Needham & Company LLC lowered Globus Medical from a “buy” rating to a “hold” rating in a research report on Friday, February 10th. Morgan Stanley lifted their target price on Globus Medical from $68.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, January 6th. Finally, Loop Capital downgraded Globus Medical from a “buy” rating to a “hold” rating and lowered their price target for the stock from $90.00 to $70.00 in a report on Friday, February 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $70.91.

Globus Medical Stock Performance

NYSE:GMED opened at $59.34 on Monday. The stock has a 50-day simple moving average of $69.46 and a 200 day simple moving average of $66.72. Globus Medical, Inc. has a 52-week low of $52.60 and a 52-week high of $81.78. The company has a market cap of $5.95 billion, a PE ratio of 31.90, a PEG ratio of 2.29 and a beta of 1.05.

Globus Medical (NYSE:GMED – Get Rating) last issued its quarterly earnings results on Tuesday, February 21st. The medical device company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.04. The company had revenue of $274.50 million during the quarter, compared to analysts’ expectations of $276.40 million. Globus Medical had a net margin of 18.59% and a return on equity of 11.93%. The business’s quarterly revenue was up 9.8% on a year-over-year basis. During the same period last year, the business earned $0.49 EPS. On average, research analysts predict that Globus Medical, Inc. will post 2.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other news, CFO Keith W. Pfeil sold 29,167 shares of the stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $77.57, for a total transaction of $2,262,484.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 24.41% of the company’s stock.

Globus Medical Company Profile

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Globus Medical, Inc operates as a medical device company that develops and commercializes healthcare solutions. The firm engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.