Geode Capital Management LLC Buys 21,935 Shares of Globus Medical, Inc. (NYSE:GMED)

Geode Capital Management LLC raised its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 1.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,885,061 shares of the medical device company’s stock after purchasing an additional 21,935 shares during the period. Geode Capital Management LLC owned 1.39% of Globus Medical worth $134,893,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Select Equity Group L.P. purchased a new stake in Globus Medical during the 2nd quarter valued at $91,711,000. Millennium Management LLC raised its stake in shares of Globus Medical by 1,171.5% in the second quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after acquiring an additional 1,256,570 shares during the period. ArrowMark Colorado Holdings LLC bought a new stake in shares of Globus Medical in the 3rd quarter worth about $43,947,000. Parsifal Capital Management LP lifted its holdings in shares of Globus Medical by 50.5% in the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after acquiring an additional 453,053 shares during the last quarter. Finally, Artemis Investment Management LLP bought a new position in Globus Medical during the 3rd quarter valued at about $30,656,000. 95.16% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Kelly Huller sold 2,500 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Insiders sold 97,500 shares of company stock worth $7,674,950 in the last three months. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Stock Performance

Shares of Globus Medical stock opened at $81.70 on Tuesday. Globus Medical, Inc. has a one year low of $49.14 and a one year high of $87.22. The company has a 50-day simple moving average of $79.05 and a two-hundred day simple moving average of $72.99. The company has a market capitalization of $11.12 billion, a PE ratio of 121.94, a P/E/G ratio of 1.99 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released its quarterly earnings results 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 return on equity of 9.98% and a net margin of 3.69%. The company had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same period last year, the business posted $0.57 earnings per share. The firm’s revenue was up 63.1% compared to the same quarter last year. On average, equities analysts predict that Globus Medical, Inc. will post 2.97 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GMED shares. Bank of America raised their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday, November 6th. StockNews.com downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Piper Sandler lifted their price target on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. Finally, Stifel Nicolaus lifted their target price on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $92.18.

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.