Globus Medical, Inc. (NYSE:GMED) Position Raised by HighTower Advisors LLC

HighTower Advisors LLC raised its stake in Globus Medical, Inc. (NYSE:GMED) by 2.4% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 40,002 shares of the medical device company’s stock after buying an additional 935 shares during the quarter. HighTower Advisors LLC’s holdings in Globus Medical were worth $3,309,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in GMED. Raymond James Financial Inc. bought a new stake in shares of Globus Medical during the fourth quarter valued at about $58,405,000. ArrowMark Colorado Holdings LLC bought a new stake in shares of Globus Medical during the third quarter valued at about $43,947,000. Lord Abbett & CO. LLC bought a new stake in shares of Globus Medical during the third quarter valued at about $37,948,000. Parsifal Capital Management LP raised its stake in shares of Globus Medical by 50.5% during the third quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock valued at $96,619,000 after purchasing an additional 453,053 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA bought a new stake in shares of Globus Medical during the third quarter valued at about $26,406,000. 95.16% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on GMED shares. Wells Fargo & Company cut their price target on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Barclays upped their price target on shares of Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and upped their price target for the company from $80.00 to $97.00 in a report on Thursday, January 9th. Roth Mkm upped their price target on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Finally, Truist Financial cut their price target on shares of Globus Medical from $90.00 to $82.00 and set a “hold” rating for the company in a report on Tuesday. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $97.09.

Insider Activity

In other news, CFO Keith W. Pfeil sold 14,167 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a filing with the SEC, which is accessible through this link. 18.54% of the stock is owned by corporate insiders.

Globus Medical Trading Down 0.3 %

NYSE GMED opened at $73.67 on Friday. The stock’s 50-day moving average price is $83.61 and its two-hundred day moving average price is $79.71. The company has a market cap of $10.13 billion, a PE ratio of 98.22, a PEG ratio of 1.61 and a beta of 1.19. Globus Medical, Inc. has a 1 year low of $49.33 and a 1 year high of $94.93.

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

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.