7,611 Shares in Globus Medical, Inc. (NYSE:GMED) Purchased by Choreo LLC

Choreo LLC bought a new stake in shares of Globus Medical, Inc. (NYSE:GMED) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 7,611 shares of the medical device company’s stock, valued at approximately $517,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Ashton Thomas Private Wealth LLC bought a new stake in Globus Medical in the 2nd quarter valued at $33,000. Victory Capital Management Inc. grew its position in Globus Medical by 855.3% during the second quarter. Victory Capital Management Inc. now owns 381,253 shares of the medical device company’s stock worth $26,112,000 after buying an additional 341,342 shares in the last quarter. CIBC Asset Management Inc acquired a new stake in Globus Medical during the second quarter worth about $219,000. Natixis Advisors LLC increased its stake in Globus Medical by 12.4% during the second quarter. Natixis Advisors LLC now owns 259,512 shares of the medical device company’s stock valued at $17,774,000 after acquiring an additional 28,638 shares during the period. Finally, Lisanti Capital Growth LLC bought a new stake in shares of Globus Medical in the 2nd quarter worth approximately $1,013,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Performance

Globus Medical stock opened at $69.75 on Monday. The business’s fifty day moving average is $70.84 and its two-hundred day moving average is $63.06. The firm has a market cap of $9.44 billion, a P/E ratio of 108.99, a P/E/G ratio of 1.91 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.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.07. The business had revenue of $629.69 million for the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm’s quarterly revenue was up 115.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 EPS. On average, equities research analysts predict that Globus Medical, Inc. will post 2.84 earnings per share for the current year.

Insider Activity

In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total transaction of $70,000.00. Following the transaction, the director now owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 18.54% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on GMED shares. BTIG Research boosted their price objective on Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Piper Sandler upgraded shares of Globus Medical from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $60.00 to $80.00 in a research note on Monday, May 20th. Morgan Stanley lifted their target price 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 increased their price target on shares of Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Finally, Truist Financial lifted their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Globus Medical presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.20.

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.