Vestcor Inc Raises Stake in Globus Medical, Inc. (NYSE:GMED)

Vestcor Inc grew its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 840.0% during the 4th quarter, HoldingsChannel reports. The fund owned 16,084 shares of the medical device company’s stock after acquiring an additional 14,373 shares during the quarter. Vestcor Inc’s holdings in Globus Medical were worth $1,330,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in GMED. Swiss National Bank raised its position in Globus Medical by 1.0% in the 4th quarter. Swiss National Bank now owns 222,177 shares of the medical device company’s stock worth $18,376,000 after purchasing an additional 2,200 shares during the period. Avantax Advisory Services Inc. increased its holdings in shares of Globus Medical by 14.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 20,462 shares of the medical device company’s stock worth $1,692,000 after buying an additional 2,534 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Globus Medical by 4.4% in the 4th quarter. Sequoia Financial Advisors LLC now owns 75,253 shares of the medical device company’s stock valued at $6,224,000 after acquiring an additional 3,141 shares during the last quarter. HighTower Advisors LLC boosted its holdings in Globus Medical by 2.4% during the 4th quarter. HighTower Advisors LLC now owns 40,002 shares of the medical device company’s stock valued at $3,309,000 after acquiring an additional 935 shares during the period. Finally, Wealthfront Advisers LLC bought a new position in Globus Medical during the 4th quarter worth approximately $6,845,000. 95.16% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GMED. Truist Financial increased their price objective on Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Barclays raised their price target on shares of Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Stifel Nicolaus upped their price objective on shares of Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, February 21st. StockNews.com raised Globus Medical from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and an average price target of $97.82.

Insider Buying and Selling at Globus Medical

In other news, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was 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 SEC, which can be accessed through this link. Insiders own 18.54% of the company’s stock.

Globus Medical Stock Up 2.2 %

NYSE GMED opened at $71.21 on Friday. The firm has a market capitalization of $9.79 billion, a PE ratio of 94.94, a P/E/G ratio of 1.61 and a beta of 1.19. The stock’s 50 day moving average is $84.86 and its 200 day moving average is $79.74. Globus Medical, Inc. has a twelve month low of $49.33 and a twelve month high of $94.93.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, topping 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 firm had revenue of $657.29 million for the quarter, compared to the consensus estimate of $646.19 million. On average, research analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

About Globus Medical

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.