Old West Investment Management LLC Increases Position in Globus Medical, Inc. (NYSE:GMED)

Old West Investment Management LLC raised its position in shares of Globus Medical, Inc. (NYSE:GMED) by 3.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 120,244 shares of the medical device company’s stock after buying an additional 4,506 shares during the period. Globus Medical comprises about 4.0% of Old West Investment Management LLC’s investment portfolio, making the stock its 7th biggest holding. Old West Investment Management LLC’s holdings in Globus Medical were worth $9,945,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Envestnet Asset Management Inc. raised its holdings in shares of Globus Medical by 3.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 276,411 shares of the medical device company’s stock worth $22,862,000 after purchasing an additional 8,479 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Globus Medical in the fourth quarter valued at $680,000. Motley Fool Asset Management LLC lifted its position in shares of Globus Medical by 9.8% during the 4th quarter. Motley Fool Asset Management LLC now owns 171,448 shares of the medical device company’s stock valued at $14,180,000 after acquiring an additional 15,240 shares during the last quarter. Nicolet Advisory Services LLC boosted its stake in shares of Globus Medical by 16.3% during the 4th quarter. Nicolet Advisory Services LLC now owns 8,384 shares of the medical device company’s stock worth $730,000 after acquiring an additional 1,175 shares in the last quarter. Finally, Cinctive Capital Management LP acquired a new position in shares of Globus Medical in the 4th quarter worth $1,914,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction on 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 filing with the SEC, which is accessible through this link. Insiders own 18.54% of the company’s stock.

Globus Medical Trading Down 4.2 %

GMED opened at $69.01 on Friday. The stock has a fifty day moving average price of $80.17 and a 200 day moving average price of $79.95. Globus Medical, Inc. has a 1 year low of $49.33 and a 1 year high of $94.93. The stock has a market cap of $9.49 billion, a price-to-earnings ratio of 92.01, a PEG ratio of 1.61 and a beta of 1.19.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on GMED shares. BTIG Research upped their target price on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Truist Financial reduced their price objective on shares of Globus Medical from $90.00 to $82.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Canaccord Genuity Group lifted their target price on shares of Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Stifel Nicolaus raised their price objective on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Finally, StockNews.com downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, March 21st. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Globus Medical has an average rating of “Moderate Buy” and an average target price 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.