Intech Investment Management LLC Makes New Investment in Globus Medical, Inc. (NYSE:GMED)

Intech Investment Management LLC bought a new stake in shares of Globus Medical, Inc. (NYSE:GMED) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 5,247 shares of the medical device company’s stock, valued at approximately $359,000.

A number of other institutional investors have also recently made changes to their positions in GMED. Vestal Point Capital LP purchased a new stake in Globus Medical during the fourth quarter valued at approximately $42,632,000. Leeward Investments LLC MA raised its holdings in Globus Medical by 27.6% during the 1st quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock valued at $11,918,000 after buying an additional 48,047 shares during the period. Van ECK Associates Corp lifted its position in Globus Medical by 33.0% in the first quarter. Van ECK Associates Corp now owns 45,739 shares of the medical device company’s stock worth $2,453,000 after buying an additional 11,359 shares during the last quarter. Swedbank AB boosted its stake in Globus Medical by 15.4% during the second quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after buying an additional 50,000 shares during the period. Finally, Vaughan Nelson Investment Management L.P. increased its position in Globus Medical by 17.9% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock valued at $77,852,000 after acquiring an additional 172,605 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

Globus Medical Price Performance

Shares of Globus Medical stock opened at $70.61 on Friday. The stock has a market cap of $9.56 billion, a price-to-earnings ratio of 112.56, a PEG ratio of 1.97 and a beta of 1.17. The firm’s 50-day moving average is $70.76 and its two-hundred day moving average is $63.93. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $74.21.

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

Insider Transactions at Globus Medical

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on GMED shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Wells Fargo & Company raised Globus Medical from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $60.00 to $78.00 in a research note on Wednesday, August 7th. Royal Bank of Canada raised their price target on Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Truist Financial upped their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Finally, BTIG Research lifted their target price on Globus Medical from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and an average price target of $77.20.

About Globus Medical

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.