Lord Abbett & CO. LLC Invests $37.95 Million in Globus Medical, Inc. (NYSE:GMED)

Lord Abbett & CO. LLC acquired a new position in shares of Globus Medical, Inc. (NYSE:GMED) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 530,451 shares of the medical device company’s stock, valued at approximately $37,948,000.

Other hedge funds have also bought and sold shares of the company. Franklin Resources Inc. acquired a new stake in Globus Medical during the 3rd quarter worth about $3,833,000. Synovus Financial Corp boosted its position in shares of Globus Medical by 9.8% during the 3rd quarter. Synovus Financial Corp now owns 14,311 shares of the medical device company’s stock valued at $1,024,000 after purchasing an additional 1,281 shares in the last quarter. Wilmington Savings Fund Society FSB increased its holdings in Globus Medical by 11.3% in the third quarter. Wilmington Savings Fund Society FSB now owns 14,470 shares of the medical device company’s stock worth $1,035,000 after purchasing an additional 1,470 shares in the last quarter. Sanctuary Advisors LLC increased its stake in shares of Globus Medical by 33.9% in the 3rd quarter. Sanctuary Advisors LLC now owns 11,945 shares of the medical device company’s stock valued at $855,000 after acquiring an additional 3,022 shares in the last quarter. Finally, TT International Asset Management LTD bought a new stake in shares of Globus Medical in the 3rd quarter valued at $3,169,000. Institutional investors own 95.16% of the company’s stock.

Insider Activity at Globus Medical

In other news, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David D. Davidar sold 30,000 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 5.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 97,500 shares of company stock valued at $7,674,950. Company insiders own 18.54% of the company’s stock.

Globus Medical Stock Performance

Shares of NYSE GMED opened at $82.42 on Friday. The stock has a fifty day moving average of $78.81 and a 200-day moving average of $72.83. The stock has a market cap of $11.22 billion, a PE ratio of 123.01, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19. Globus Medical, Inc. has a fifty-two week low of $49.14 and a fifty-two week high of $87.22.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same period last year, the business earned $0.57 earnings per share. Globus Medical’s revenue was up 63.1% compared to the same quarter last year. On average, sell-side analysts predict that Globus Medical, Inc. will post 2.97 EPS for the current year.

Analyst Ratings Changes

GMED has been the subject of a number of research analyst reports. Wells Fargo & Company boosted their target price on Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday. BTIG Research upped their price objective on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday. Canaccord Genuity Group lifted their price objective on shares of Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a report on Monday, December 9th. StockNews.com lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Finally, Bank of America increased their price objective on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $92.18.

Globus Medical Company 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.