Globus Medical, Inc. (NYSE:GMED) Shares Bought by Montag & Caldwell LLC

Montag & Caldwell LLC lifted its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 30.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 19,374 shares of the medical device company’s stock after buying an additional 4,528 shares during the period. Montag & Caldwell LLC’s holdings in Globus Medical were worth $1,327,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vestal Point Capital LP purchased a new stake in shares of Globus Medical during the 4th quarter valued at about $42,632,000. Millrace Asset Group Inc. acquired a new position in shares of Globus Medical during the fourth quarter worth $2,103,000. Leeward Investments LLC MA boosted its stake in shares of Globus Medical by 27.6% in the first quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock valued at $11,918,000 after purchasing an additional 48,047 shares during the period. Van ECK Associates Corp grew its holdings in Globus Medical by 33.0% during the 1st quarter. Van ECK Associates Corp now owns 45,739 shares of the medical device company’s stock valued at $2,453,000 after purchasing an additional 11,359 shares in the last quarter. Finally, Swedbank AB increased its stake in Globus Medical by 15.4% during the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after buying an additional 50,000 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Leslie V. Norwalk sold 1,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the transaction, the director now directly owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Price Performance

Shares of GMED opened at $69.75 on Monday. The company has a market cap of $9.44 billion, a P/E ratio of 108.99, a PEG ratio of 1.91 and a beta of 1.17. Globus Medical, Inc. has a 12 month low of $43.38 and a 12 month high of $74.21. The stock has a fifty day moving average price of $70.84 and a 200 day moving average price of $63.06.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. The business had revenue of $629.69 million for the quarter, compared to analysts’ expectations of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The company’s revenue for the quarter was up 115.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 EPS. As a group, research analysts anticipate that Globus Medical, Inc. will post 2.84 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GMED. Truist Financial raised their target price on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Morgan Stanley lifted their price objective on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $60.00 to $80.00 in a research report on Monday, May 20th. Wells Fargo & Company raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $60.00 to $78.00 in a report on Wednesday, August 7th. Finally, Barclays increased their price objective on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $77.20.

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.