Everence Capital Management Inc. Takes Position in Globus Medical, Inc. (NYSE:GMED)

Everence Capital Management Inc. purchased a new position in Globus Medical, Inc. (NYSE:GMED) during the fourth quarter, Holdings Channel.com reports. The fund purchased 2,470 shares of the medical device company’s stock, valued at approximately $204,000.

Several other institutional investors have also bought and sold shares of the company. Coldstream Capital Management Inc. raised its stake in shares of Globus Medical by 2.2% in the third quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock valued at $447,000 after buying an additional 131 shares during the period. Stephens Inc. AR increased its holdings in Globus Medical by 3.4% in the 3rd quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock worth $303,000 after acquiring an additional 138 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Globus Medical by 2.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after acquiring an additional 140 shares during the period. Central Pacific Bank Trust Division lifted its holdings in Globus Medical by 6.2% during the third quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock valued at $268,000 after purchasing an additional 220 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in Globus Medical by 1.5% during the second quarter. AQR Capital Management LLC now owns 15,241 shares of the medical device company’s stock worth $1,044,000 after purchasing an additional 228 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insider Buying and Selling

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

Globus Medical Price Performance

Shares of NYSE:GMED opened at $86.34 on Thursday. The company’s fifty day moving average price is $82.56 and its 200-day moving average price is $74.94. The firm has a market capitalization of $11.76 billion, a price-to-earnings ratio of 128.87, a PEG ratio of 1.97 and a beta of 1.19. Globus Medical, Inc. has a one year low of $49.33 and a one year high of $87.22.

Globus Medical (NYSE:GMED) last released 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. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. During the same quarter last year, the business posted $0.57 earnings per share. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. As a group, equities research analysts expect that Globus Medical, Inc. will post 2.97 EPS for the current year.

Analyst Upgrades and Downgrades

Several 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, November 6th. Canaccord Genuity Group increased their target price on Globus Medical from $85.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Royal Bank of Canada lifted their price target on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Bank of America increased their price objective on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday, November 6th. Finally, Wells Fargo & Company lifted their target price on Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.55.

Globus Medical Company 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.