Empowered Funds LLC bought a new position in shares of Globus Medical Inc (NYSE:GMED) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 31,855 shares of the medical device company’s stock, valued at approximately $1,792,000.
A number of other large investors have also bought and sold shares of GMED. BlackRock Inc. boosted its position in Globus Medical by 14.9% during the 2nd quarter. BlackRock Inc. now owns 9,201,726 shares of the medical device company’s stock worth $464,318,000 after buying an additional 1,190,681 shares during the period. FMR LLC acquired a new position in shares of Globus Medical in the 2nd quarter worth approximately $46,806,000. Renaissance Technologies LLC lifted its position in shares of Globus Medical by 69.7% in the 2nd quarter. Renaissance Technologies LLC now owns 854,900 shares of the medical device company’s stock worth $43,138,000 after purchasing an additional 351,100 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of Globus Medical by 140.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 486,900 shares of the medical device company’s stock worth $24,569,000 after purchasing an additional 284,600 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of Globus Medical by 19.9% in the 2nd quarter. Victory Capital Management Inc. now owns 1,335,595 shares of the medical device company’s stock worth $67,394,000 after purchasing an additional 221,613 shares during the period. Institutional investors and hedge funds own 63.95% of the company’s stock.
A number of brokerages have recently issued reports on GMED. Oppenheimer set a $61.00 price target on shares of Globus Medical and gave the stock a “hold” rating in a research report on Friday. Zacks Investment Research downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Monday, August 13th. Needham & Company LLC boosted their price target on shares of Globus Medical from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Leerink Swann boosted their price target on shares of Globus Medical from $61.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Piper Jaffray Companies boosted their target price on shares of Globus Medical to $62.00 and gave the company an “overweight” rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $56.00.
Shares of Globus Medical stock traded down $5.58 during trading on Friday, reaching $51.86. 1,770,028 shares of the company traded hands, compared to its average volume of 734,760. Globus Medical Inc has a 1-year low of $34.45 and a 1-year high of $57.83. The company has a market capitalization of $5.58 billion, a PE ratio of 37.14, a PEG ratio of 2.91 and a beta of 0.65.
Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, November 8th. The medical device company reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.06. The business had revenue of $169.20 million during the quarter, compared to analyst estimates of $167.47 million. Globus Medical had a net margin of 19.91% and a return on equity of 15.14%. Globus Medical’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.30 EPS. On average, analysts anticipate that Globus Medical Inc will post 1.55 earnings per share for the current fiscal year.
In other Globus Medical news, Chairman David C. Paul sold 707,191 shares of the business’s stock in a transaction on Monday, September 24th. The shares were sold at an average price of $54.01, for a total transaction of $38,195,385.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 28.44% of the company’s stock.
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Globus Medical Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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