Zeke Capital Advisors LLC purchased a new stake in shares of Globus Medical Inc (NYSE:GMED) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 4,566 shares of the medical device company’s stock, valued at approximately $227,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of GMED. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Globus Medical by 39.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,183 shares of the medical device company’s stock worth $172,000 after purchasing an additional 1,183 shares during the period. First Interstate Bank boosted its stake in shares of Globus Medical by 42.5% during the 4th quarter. First Interstate Bank now owns 4,321 shares of the medical device company’s stock valued at $178,000 after buying an additional 1,288 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Globus Medical by 3.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 49,126 shares of the medical device company’s stock valued at $2,019,000 after buying an additional 1,670 shares during the period. Meadow Creek Investment Management LLC boosted its stake in shares of Globus Medical by 18.2% during the 4th quarter. Meadow Creek Investment Management LLC now owns 11,492 shares of the medical device company’s stock valued at $472,000 after buying an additional 1,768 shares during the period. Finally, Jennison Associates LLC lifted its stake in shares of Globus Medical by 9.0% in the 4th quarter. Jennison Associates LLC now owns 23,038 shares of the medical device company’s stock valued at $947,000 after purchasing an additional 1,900 shares during the last quarter. Institutional investors and hedge funds own 65.93% of the company’s stock.
GMED stock traded up $0.07 during trading hours on Friday, reaching $51.14. The stock had a trading volume of 7,444 shares, compared to its average volume of 706,102. The stock has a market cap of $4.97 billion, a P/E ratio of 38.98, a P/E/G ratio of 2.73 and a beta of 0.42. Globus Medical Inc has a fifty-two week low of $49.70 and a fifty-two week high of $50.69.
Globus Medical (NYSE:GMED) last posted its earnings results on Wednesday, May 2nd. The medical device company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. Globus Medical had a net margin of 18.05% and a return on equity of 14.51%. The company had revenue of $174.41 million during the quarter, compared to analysts’ expectations of $167.95 million. During the same quarter last year, the company posted $0.32 EPS. Globus Medical’s quarterly revenue was up 11.9% compared to the same quarter last year. research analysts expect that Globus Medical Inc will post 1.52 EPS for the current fiscal year.
In other news, insider David C. Paul sold 827,004 shares of the firm’s stock in a transaction that occurred on Monday, April 30th. The shares were sold at an average price of $51.81, for a total value of $42,847,077.24. Following the sale, the insider now directly owns 1,096,461 shares in the company, valued at approximately $56,807,644.41. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Daniel T. Scavilla sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 10th. The shares were sold at an average price of $50.00, for a total transaction of $5,000,000.00. Following the completion of the sale, the vice president now owns 18,210 shares in the company, valued at $910,500. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,876,004 shares of company stock worth $96,809,327. Insiders own 28.44% of the company’s stock.
Several brokerages recently commented on GMED. Canaccord Genuity reiterated a “buy” rating and issued a $53.00 target price on shares of Globus Medical in a report on Monday, March 12th. Zacks Investment Research upgraded shares of Globus Medical from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a report on Monday, February 26th. Needham & Company LLC raised shares of Globus Medical from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Wednesday, April 4th. They noted that the move was a valuation call. ValuEngine upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Finally, Leerink Swann restated an “outperform” rating and issued a $60.00 price target (up from $56.00) on shares of Globus Medical in a research report on Wednesday, March 28th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $51.56.
Globus Medical Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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