Truist Financial Corp Raises Position in Globus Medical, Inc. (NYSE:GMED)

Truist Financial Corp increased its holdings in Globus Medical, Inc. (NYSE:GMED) by 0.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 68,625 shares of the medical device company’s stock after acquiring an additional 563 shares during the quarter. Truist Financial Corp’s holdings in Globus Medical were worth $5,676,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Quarry LP raised its position in Globus Medical by 698.4% in the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after purchasing an additional 433 shares during the period. Farther Finance Advisors LLC increased its position in shares of Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after acquiring an additional 385 shares during the period. UMB Bank n.a. increased its position in shares of Globus Medical by 60.2% in the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock valued at $45,000 after acquiring an additional 206 shares during the period. V Square Quantitative Management LLC increased its position in shares of Globus Medical by 52.0% in the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock valued at $48,000 after acquiring an additional 197 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Globus Medical by 41.7% in the fourth quarter. GAMMA Investing LLC now owns 1,258 shares of the medical device company’s stock valued at $104,000 after acquiring an additional 370 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Down 4.4 %

Shares of Globus Medical stock opened at $80.43 on Friday. The company has a market cap of $10.95 billion, a price-to-earnings ratio of 107.24, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19. The company’s 50 day moving average is $86.72 and its 200 day moving average is $79.03. Globus Medical, Inc. has a twelve month low of $49.33 and a twelve month high of $94.93.

Globus Medical (NYSE:GMED) last announced its earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The business had revenue of $657.29 million during the quarter, compared to analysts’ expectations of $646.19 million. Sell-side analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kelly Huller sold 2,500 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The disclosure for this sale can be found here. 18.54% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Canaccord Genuity Group boosted their price objective on shares of Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $80.00 to $97.00 in a research report on Thursday, January 9th. Roth Mkm boosted their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. StockNews.com upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Finally, Truist Financial boosted their price target on shares of Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $96.91.

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.