CIBC Asset Management Inc Has $288,000 Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

CIBC Asset Management Inc lifted its stake in Globus Medical, Inc. (NYSE:GMED) by 5.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,487 shares of the medical device company’s stock after purchasing an additional 175 shares during the quarter. CIBC Asset Management Inc’s holdings in Globus Medical were worth $288,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of GMED. ArrowMark Colorado Holdings LLC acquired a new position in shares of Globus Medical in the third quarter worth about $43,947,000. Lord Abbett & CO. LLC acquired a new position in Globus Medical in the 3rd quarter worth approximately $37,948,000. Parsifal Capital Management LP grew its position in Globus Medical by 50.5% during the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after purchasing an additional 453,053 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Globus Medical during the 3rd quarter valued at $26,406,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Globus Medical by 29.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,238,603 shares of the medical device company’s stock valued at $88,610,000 after purchasing an additional 285,172 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insider Activity

In other news, CFO Keith W. Pfeil sold 14,167 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kelly Huller sold 2,500 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Globus Medical Price Performance

Globus Medical stock opened at $80.00 on Tuesday. Globus Medical, Inc. has a one year low of $49.33 and a one year high of $94.93. The company’s fifty day moving average price is $86.68 and its two-hundred day moving average price is $79.20. The company has a market capitalization of $10.89 billion, a price-to-earnings ratio of 106.67, a PEG ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The business had revenue of $657.29 million for the quarter, compared to analyst estimates of $646.19 million. As a group, sell-side analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

GMED has been the topic of a number of research analyst reports. Stifel Nicolaus lifted their price target on Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a report on Friday. Bank of America raised Globus Medical from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. Canaccord Genuity Group increased their price target on shares of Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $83.00 to $100.00 in a research report on Monday, December 2nd. Finally, Piper Sandler increased their target price on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and an average price target of $97.82.

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.