IHT Wealth Management LLC Buys New Stake in Globus Medical, Inc. (NYSE:GMED)

IHT Wealth Management LLC purchased a new position in Globus Medical, Inc. (NYSE:GMED – Get Rating) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 9,528 shares of the medical device company’s stock, valued at approximately $568,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Financial Gravity Asset Management Inc. acquired a new stake in shares of Globus Medical in the 3rd quarter worth $197,000. SeaCrest Wealth Management LLC acquired a new position in shares of Globus Medical during the second quarter valued at about $31,000. Financial Advocates Investment Management purchased a new position in shares of Globus Medical in the 3rd quarter valued at approximately $200,000. Covestor Ltd boosted its stake in Globus Medical by 86.5% in the 1st quarter. Covestor Ltd now owns 785 shares of the medical device company’s stock worth $58,000 after purchasing an additional 364 shares in the last quarter. Finally, Signaturefd LLC grew its position in Globus Medical by 192.9% during the 3rd quarter. Signaturefd LLC now owns 820 shares of the medical device company’s stock worth $49,000 after purchasing an additional 540 shares during the last quarter. 74.23% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Stock Performance

GMED stock opened at $51.83 on Friday. Globus Medical, Inc. has a one year low of $50.92 and a one year high of $81.78. The firm’s fifty day moving average is $65.65 and its 200 day moving average is $66.17. The firm has a market cap of $5.20 billion, a PE ratio of 27.87, a P/E/G ratio of 1.80 and a beta of 1.05.

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

Insider Transactions at Globus Medical

In related news, CFO Keith W. Pfeil sold 29,167 shares of Globus Medical stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $77.57, for a total value of $2,262,484.19. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 24.41% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on GMED. Canaccord Genuity Group lowered their price objective on shares of Globus Medical from $75.00 to $67.00 and set a “hold” rating for the company in a research note on Wednesday, February 22nd. Truist Financial lowered Globus Medical from a “buy” rating to a “hold” rating and cut their price objective for the company from $85.00 to $70.00 in a report on Friday, February 10th. BTIG Research downgraded Globus Medical from a “buy” rating to a “neutral” rating in a report on Thursday, February 9th. StockNews.com upgraded Globus Medical from a “hold” rating to a “buy” rating in a research report on Saturday, March 11th. Finally, Loop Capital cut shares of Globus Medical from a “buy” rating to a “hold” rating and decreased their price objective for the company from $90.00 to $70.00 in a research note on Friday, February 10th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $70.91.

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.