Palouse Capital Management Inc. Acquires New Stake in Globus Medical, Inc. (NYSE:GMED)

Palouse Capital Management Inc. acquired a new stake in Globus Medical, Inc. (NYSE:GMED) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 3,092 shares of the medical device company’s stock, valued at approximately $212,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. boosted its position in Globus Medical by 3.6% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 7,094 shares of the medical device company’s stock worth $378,000 after acquiring an additional 244 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Globus Medical by 17.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 12,009 shares of the medical device company’s stock worth $624,000 after purchasing an additional 1,825 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Globus Medical by 109.7% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 14,793 shares of the medical device company’s stock valued at $788,000 after purchasing an additional 7,737 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Globus Medical by 221.6% in the fourth quarter. Janney Montgomery Scott LLC now owns 28,075 shares of the medical device company’s stock valued at $1,496,000 after purchasing an additional 19,346 shares during the last quarter. Finally, Norges Bank purchased a new position in Globus Medical during the fourth quarter worth approximately $95,537,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Insiders Place Their Bets

In other news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the sale, the director now owns 16,419 shares in the company, valued at approximately $1,149,330. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on GMED shares. Royal Bank of Canada upped their target price on Globus Medical from $76.00 to $78.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Wells Fargo & Company upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $60.00 to $78.00 in a research report on Wednesday, August 7th. Barclays boosted their target price on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Morgan Stanley raised their price target on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Finally, Truist Financial upped 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 equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $77.20.

Globus Medical Stock Performance

Globus Medical stock opened at $69.58 on Thursday. The company has a market capitalization of $9.42 billion, a PE ratio of 108.72, a price-to-earnings-growth ratio of 1.91 and a beta of 1.17. Globus Medical, Inc. has a fifty-two week low of $43.38 and a fifty-two week high of $74.21. The firm has a 50 day moving average price of $70.89 and a 200 day moving average price of $63.32.

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

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.