Globus Medical, Inc. (NYSE:GMED) Shares Acquired by Channing Capital Management LLC

Channing Capital Management LLC boosted its position in Globus Medical, Inc. (NYSE:GMED) by 8.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 133,865 shares of the medical device company’s stock after purchasing an additional 9,871 shares during the quarter. Channing Capital Management LLC owned about 0.10% of Globus Medical worth $7,134,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Globus Medical by 49.7% during the third quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock worth $558,339,000 after buying an additional 3,732,959 shares during the period. Nuance Investments LLC increased its holdings in shares of Globus Medical by 36.8% during the third quarter. Nuance Investments LLC now owns 3,620,518 shares of the medical device company’s stock valued at $179,759,000 after purchasing an additional 974,693 shares during the period. Wellington Management Group LLP raised its stake in shares of Globus Medical by 19.6% during the third quarter. Wellington Management Group LLP now owns 2,659,944 shares of the medical device company’s stock valued at $132,066,000 after purchasing an additional 435,132 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Globus Medical by 80.0% during the third quarter. Bank of New York Mellon Corp now owns 2,406,682 shares of the medical device company’s stock valued at $119,492,000 after purchasing an additional 1,069,419 shares in the last quarter. Finally, William Blair Investment Management LLC lifted its holdings in Globus Medical by 1.9% in the third quarter. William Blair Investment Management LLC now owns 2,316,372 shares of the medical device company’s stock worth $115,008,000 after purchasing an additional 43,187 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Stock Down 3.2 %

NYSE:GMED traded down $1.67 on Monday, hitting $50.28. 1,367,743 shares of the company’s stock traded hands, compared to its average volume of 1,096,819. The firm has a 50-day moving average price of $52.57 and a 200-day moving average price of $51.20. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. The company has a market cap of $6.81 billion, a PE ratio of 44.40, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $62.88.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, February 20th. The medical device company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.01. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The firm had revenue of $616.53 million for the quarter, compared to analyst estimates of $608.21 million. During the same quarter in the prior year, the business earned $0.59 EPS. The company’s revenue for the quarter was up 124.6% compared to the same quarter last year. Equities analysts anticipate that Globus Medical, Inc. will post 2.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the sale, the director now directly owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 24.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on GMED. Royal Bank of Canada reaffirmed an “outperform” rating and set a $70.00 price target on shares of Globus Medical in a research note on Thursday, January 11th. BTIG Research upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a report on Monday, March 18th. Stifel Nicolaus upped their price target on Globus Medical from $61.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Finally, Truist Financial increased their price objective on Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $66.33.

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.