Allworth Financial LP Has $66,000 Stake in Globus Medical, Inc. (NYSE:GMED)

Allworth Financial LP grew its holdings in Globus Medical, Inc. (NYSE:GMED) by 25.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,242 shares of the medical device company’s stock after buying an additional 254 shares during the period. Allworth Financial LP’s holdings in Globus Medical were worth $66,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Globus Medical by 49.7% in the third quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock valued at $558,339,000 after buying an additional 3,732,959 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Globus Medical by 854.5% during the 4th quarter. SG Americas Securities LLC now owns 160,338 shares of the medical device company’s stock worth $8,544,000 after purchasing an additional 143,540 shares during the last quarter. Sector Gamma AS acquired a new stake in Globus Medical during the 3rd quarter worth approximately $11,014,000. Barclays PLC lifted its holdings in Globus Medical by 58.8% during the 3rd quarter. Barclays PLC now owns 630,662 shares of the medical device company’s stock worth $31,315,000 after purchasing an additional 233,459 shares during the last quarter. Finally, UBS Group AG lifted its holdings in Globus Medical by 94.6% during the 3rd quarter. UBS Group AG now owns 218,570 shares of the medical device company’s stock worth $10,852,000 after purchasing an additional 106,269 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Trading Down 1.5 %

Shares of GMED opened at $51.67 on Friday. Globus Medical, Inc. has a 52-week low of $43.38 and a 52-week high of $62.88. The business’s fifty day moving average is $53.32 and its 200-day moving average is $51.33. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88. The firm has a market cap of $6.99 billion, a price-to-earnings ratio of 44.16, a PEG ratio of 1.54 and a beta of 1.08.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, February 20th. The medical device company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.01. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The company had revenue of $616.53 million for the quarter, compared to analyst estimates of $608.21 million. During the same quarter last year, the company posted $0.59 EPS. The company’s revenue for the quarter was up 124.6% compared to the same quarter last year. Equities analysts anticipate that Globus Medical, Inc. will post 2.69 EPS for the current fiscal year.

Insider Activity

In related news, Director Leslie V. Norwalk sold 10,590 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the sale, the director now owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 24.30% of the company’s stock.

Wall Street Analyst Weigh In

GMED has been the subject of several research reports. Canaccord Genuity Group lifted their price target on Globus Medical from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Wednesday, December 20th. Truist Financial lifted their price target on Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Stifel Nicolaus raised their price objective on Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. BTIG Research upgraded Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Monday, March 18th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $70.00 price objective on shares of Globus Medical in a research note on Thursday, January 11th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.33.

Globus Medical Company Profile

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.