Globus Medical, Inc. (NYSE:GMED) Shares Bought by Truist Financial Corp

Truist Financial Corp grew its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 9.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 80,784 shares of the medical device company’s stock after purchasing an additional 7,140 shares during the period. Truist Financial Corp’s holdings in Globus Medical were worth $4,305,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of GMED. DekaBank Deutsche Girozentrale bought a new position in Globus Medical in the 3rd quarter valued at about $28,000. Allworth Financial LP increased its stake in shares of Globus Medical by 25.7% during the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock valued at $66,000 after acquiring an additional 254 shares during the period. Nisa Investment Advisors LLC raised its holdings in Globus Medical by 122.8% during 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. Wolverine Asset Management LLC acquired a new stake in Globus Medical in the third quarter worth approximately $89,000. Finally, Coldstream Capital Management Inc. bought a new position in Globus Medical during the 3rd quarter valued at $205,000. 95.16% of the stock is currently owned by institutional investors.

Insider Transactions at Globus Medical

In related news, Director Leslie V. Norwalk sold 10,590 shares of the company’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 transaction, the director now directly owns 17,419 shares of the company’s stock, valued at $905,613.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 24.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

GMED has been the topic of a number of research reports. Truist Financial boosted their price objective on Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Stifel Nicolaus upped their price target on shares of Globus Medical from $61.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada restated an “outperform” rating and set a $70.00 price objective on shares of Globus Medical in a research report on Thursday, January 11th. Finally, BTIG Research upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Monday, March 18th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Globus Medical has an average rating of “Moderate Buy” and a consensus target price of $66.33.

Globus Medical Stock Performance

Shares of GMED opened at $51.95 on Monday. The company has a 50-day moving average of $52.57 and a two-hundred day moving average of $51.20. The stock has a market cap of $7.03 billion, a price-to-earnings ratio of 44.40, a PEG ratio of 1.53 and a beta of 1.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.88 and a quick ratio of 2.72. Globus Medical, Inc. has a one year low of $43.38 and a one year high of $62.88.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, February 20th. The medical device company reported $0.60 EPS 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 the consensus estimate of $608.21 million. During the same quarter in the prior year, the firm earned $0.59 EPS. The firm’s quarterly revenue was up 124.6% on a year-over-year basis. On average, equities research analysts expect that Globus Medical, Inc. will post 2.69 earnings per share for the current year.

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.