Hsbc Holdings PLC Buys 1,163 Shares of Globus Medical, Inc. (NYSE:GMED)

Hsbc Holdings PLC increased its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 21.3% during the 2nd quarter, Holdings Channel reports. The fund owned 6,634 shares of the medical device company’s stock after acquiring an additional 1,163 shares during the period. Hsbc Holdings PLC’s holdings in Globus Medical were worth $454,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of GMED. Vestal Point Capital LP acquired a new position in Globus Medical during the fourth quarter worth $42,632,000. Leeward Investments LLC MA raised its holdings in Globus Medical by 27.6% during the first quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock worth $11,918,000 after buying an additional 48,047 shares during the last quarter. Van ECK Associates Corp raised its holdings in Globus Medical by 33.0% during 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 raised its holdings 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 last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its holdings 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 worth $77,852,000 after buying an additional 172,605 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

Insider Activity

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

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Truist Financial upped their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Barclays increased their target price on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Wednesday, August 7th. Morgan Stanley increased their target price on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. Finally, Wells Fargo & Company upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $60.00 to $78.00 in a report on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and an average target price of $77.20.

Globus Medical Stock Down 1.6 %

Shares of NYSE:GMED opened at $70.42 on Wednesday. The firm has a market capitalization of $9.53 billion, a PE ratio of 110.03, a P/E/G ratio of 1.97 and a beta of 1.17. Globus Medical, Inc. has a twelve month low of $43.38 and a twelve month high of $74.21. The company has a 50-day moving average price of $70.63 and a two-hundred day moving average price of $64.43.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm had revenue of $629.69 million during the quarter, compared to analyst estimates of $615.33 million. During the same quarter last year, the business earned $0.63 earnings per share. The company’s quarterly revenue was up 115.9% on a year-over-year basis. Analysts anticipate that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

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.