CIBC Asset Management Inc Purchases Shares of 3,193 Globus Medical, Inc. (NYSE:GMED)

CIBC Asset Management Inc purchased a new stake in shares of Globus Medical, Inc. (NYSE:GMED) during the second quarter, Holdings Channel reports. The fund purchased 3,193 shares of the medical device company’s stock, valued at approximately $219,000.

A number of other institutional investors have also bought and sold shares of GMED. GAMMA Investing LLC boosted its position in shares of Globus Medical by 254.5% during the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Globus Medical during the 2nd quarter worth about $52,000. YHB Investment Advisors Inc. bought a new position in shares of Globus Medical during the 1st quarter worth about $50,000. Nisa Investment Advisors LLC boosted its position in shares of Globus Medical by 15.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock worth $80,000 after purchasing an additional 160 shares in the last quarter. Finally, Mather Group LLC. bought a new position in shares of Globus Medical during the 1st quarter worth about $69,000. Institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 7th. Wells Fargo & Company raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $60.00 to $78.00 in a research report on Wednesday, August 7th. Morgan Stanley raised their price target on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Royal Bank of Canada raised their price target on shares of Globus Medical from $76.00 to $78.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Finally, Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and raised their price target for the company from $60.00 to $80.00 in a research report on Monday, May 20th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.20.

Insider Transactions at Globus Medical

In other news, Director Leslie V. Norwalk sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the sale, the director now owns 16,419 shares in the company, valued at approximately $1,149,330. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 18.54% of the stock is currently owned by company insiders.

Globus Medical Stock Performance

NYSE:GMED opened at $70.05 on Tuesday. The firm has a market cap of $9.49 billion, a price-to-earnings ratio of 109.45, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. Globus Medical, Inc. has a 52 week low of $43.38 and a 52 week high of $74.21. The firm has a 50-day moving average price of $70.75 and a two-hundred day moving average price of $62.66.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm had revenue of $629.69 million during the quarter, compared to analyst estimates of $615.33 million. During the same quarter last year, the business posted $0.63 EPS. The company’s revenue for the quarter was up 115.9% on a year-over-year basis. As a group, sell-side analysts forecast that Globus Medical, Inc. will post 2.84 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.