Franklin Resources Inc. Invests $3.83 Million in Globus Medical, Inc. (NYSE:GMED)

Franklin Resources Inc. acquired a new stake in Globus Medical, Inc. (NYSE:GMED) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 53,845 shares of the medical device company’s stock, valued at approximately $3,833,000.

Several other hedge funds have also recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new stake in Globus Medical during the third quarter worth about $27,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Globus Medical in the second quarter valued at approximately $33,000. Quarry LP grew its holdings in shares of Globus Medical by 698.4% in the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after purchasing an additional 433 shares in the last quarter. Farther Finance Advisors LLC increased its stake in Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after buying an additional 385 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in Globus Medical during the 2nd quarter worth approximately $52,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Trading Up 0.4 %

Shares of NYSE:GMED opened at $83.47 on Wednesday. The firm has a 50 day simple moving average of $80.26 and a 200-day simple moving average of $73.56. Globus Medical, Inc. has a twelve month low of $49.33 and a twelve month high of $87.22. The company has a market capitalization of $11.37 billion, a PE ratio of 124.58, a P/E/G ratio of 1.99 and a beta of 1.19.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. Globus Medical’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.57 earnings per share. As a group, equities research analysts predict that Globus Medical, Inc. will post 2.97 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on GMED. Royal Bank of Canada boosted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Roth Mkm upped their price target on Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Canaccord Genuity Group lifted their price objective on Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, December 9th. BTIG Research upped their target price on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Finally, Piper Sandler raised their target price on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $94.55.

Insider Activity

In other news, Director David D. Davidar sold 30,000 shares of Globus Medical 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 transaction, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. The trade was a 5.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kelly Huller sold 2,500 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total transaction of $217,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 97,500 shares of company stock valued at $7,674,950. Insiders own 18.54% of the company’s stock.

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.