Fmr LLC Grows Stake in Globus Medical, Inc. (NYSE:GMED)

Fmr LLC boosted its position in shares of Globus Medical, Inc. (NYSE:GMED) by 338.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 38,723 shares of the medical device company’s stock after purchasing an additional 29,890 shares during the quarter. Fmr LLC’s holdings in Globus Medical were worth $2,770,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Stephens Inc. AR increased its holdings in Globus Medical by 3.4% during the 3rd quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock worth $303,000 after purchasing an additional 138 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Globus Medical by 2.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock worth $403,000 after purchasing an additional 140 shares during the period. Nisa Investment Advisors LLC increased its holdings in Globus Medical by 15.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock worth $80,000 after purchasing an additional 160 shares during the period. Van ECK Associates Corp boosted its position in Globus Medical by 0.4% during the 2nd quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock valued at $3,145,000 after acquiring an additional 183 shares in the last quarter. Finally, Central Pacific Bank Trust Division boosted its position in Globus Medical by 6.2% during the 3rd quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock valued at $268,000 after acquiring an additional 220 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Stock Performance

Shares of GMED opened at $82.42 on Friday. The stock has a 50-day moving average of $78.81 and a two-hundred day moving average of $72.83. Globus Medical, Inc. has a one year low of $49.14 and a one year high of $87.22. The stock has a market cap of $11.22 billion, a P/E ratio of 123.01, a P/E/G ratio of 1.99 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter in the previous year, the firm posted $0.57 EPS. The firm’s revenue was up 63.1% compared to the same quarter last year. Analysts predict that Globus Medical, Inc. will post 2.97 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Kelly Huller sold 2,500 shares of Globus Medical stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 97,500 shares of company stock valued at $7,674,950. 18.54% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have issued reports on the company. Piper Sandler increased their target price on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Wells Fargo & Company increased their target price on Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday. Canaccord Genuity Group increased their target price on Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Stifel Nicolaus increased their target price on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Globus Medical presently has a consensus rating of “Moderate Buy” and an average price target of $92.18.

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.