Zurcher Kantonalbank Zurich Cantonalbank Raises Position in Globus Medical, Inc. (NYSE:GMED)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Globus Medical, Inc. (NYSE:GMED) by 25.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 30,179 shares of the medical device company’s stock after purchasing an additional 6,186 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Globus Medical were worth $1,608,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of GMED. Allworth Financial LP raised its stake in shares of Globus Medical by 25.7% in the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock valued at $66,000 after buying an additional 254 shares during the period. Fifth Third Bancorp raised its stake in Globus Medical by 4.6% in the 3rd quarter. Fifth Third Bancorp now owns 8,868 shares of the medical device company’s stock valued at $440,000 after acquiring an additional 387 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in Globus Medical during the third quarter valued at about $28,000. Sequoia Financial Advisors LLC boosted its position in Globus Medical by 1.1% during the third quarter. Sequoia Financial Advisors LLC now owns 72,478 shares of the medical device company’s stock worth $3,599,000 after purchasing an additional 797 shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in shares of Globus Medical by 122.8% in the third quarter. Nisa Investment Advisors LLC now owns 1,493 shares of the medical device company’s stock worth $74,000 after purchasing an additional 823 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on GMED shares. Stifel Nicolaus raised their price target on Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. BTIG Research upgraded Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Monday, March 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 price target on shares of Globus Medical in a research report on Thursday, January 11th. Finally, Truist Financial increased their price target on shares of Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and a consensus price target of $66.33.

Globus Medical Stock Performance

NYSE:GMED opened at $51.44 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88. Globus Medical, Inc. has a fifty-two week low of $43.38 and a fifty-two week high of $62.88. The firm has a market cap of $6.96 billion, a PE ratio of 43.97, a price-to-earnings-growth ratio of 1.51 and a beta of 1.08. The business has a 50 day moving average price of $53.13 and a 200-day moving average price of $51.36.

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

Insider Activity at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the sale, the director now owns 17,419 shares in the company, valued at approximately $905,613.81. The transaction was disclosed in a document filed with the SEC, which is available at this link. 24.30% of the stock is owned by company insiders.

Globus Medical 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.