Summitry LLC Buys Shares of 3,608 Globus Medical, Inc. (NYSE:GMED)

Summitry LLC bought a new position in Globus Medical, Inc. (NYSE:GMED) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,608 shares of the medical device company’s stock, valued at approximately $298,000.

A number of other hedge funds also recently made changes to their positions in the stock. Intech Investment Management LLC boosted its holdings in shares of Globus Medical by 291.3% during the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after acquiring an additional 15,283 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in shares of Globus Medical during the third quarter worth about $26,406,000. Charles Schwab Investment Management Inc. increased its stake in shares of Globus Medical by 29.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,238,603 shares of the medical device company’s stock valued at $88,610,000 after buying an additional 285,172 shares during the period. Raymond James Trust N.A. bought a new stake in Globus Medical during the 3rd quarter worth approximately $205,000. Finally, Cerity Partners LLC grew its stake in shares of Globus Medical by 25.9% in the third quarter. Cerity Partners LLC now owns 45,750 shares of the medical device company’s stock worth $3,273,000 after purchasing an additional 9,404 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 18.54% of the stock is currently owned by corporate insiders.

Globus Medical Price Performance

Shares of GMED stock opened at $76.65 on Wednesday. The firm has a 50-day moving average of $83.16 and a 200-day moving average of $79.92. Globus Medical, Inc. has a one year low of $49.33 and a one year high of $94.93. The company has a market cap of $10.54 billion, a P/E ratio of 102.20, a P/E/G ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $646.19 million. As a group, research analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GMED shares. Barclays lifted their price objective on Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. BTIG Research lifted their price objective on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Roth Mkm increased their target price on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Tuesday, March 18th. Finally, Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and an average price target of $97.09.

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.