Sirios Capital Management L P Grows Holdings in Globus Medical, Inc. $GMED

Sirios Capital Management L P increased its stake in Globus Medical, Inc. (NYSE:GMED) by 13.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 515,642 shares of the medical device company’s stock after acquiring an additional 61,043 shares during the period. Globus Medical accounts for approximately 4.4% of Sirios Capital Management L P’s holdings, making the stock its 5th largest holding. Sirios Capital Management L P’s holdings in Globus Medical were worth $30,433,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Intact Investment Management Inc. lifted its position in Globus Medical by 335.3% in the second quarter. Intact Investment Management Inc. now owns 14,800 shares of the medical device company’s stock worth $873,000 after purchasing an additional 11,400 shares during the period. AXA S.A. raised its stake in shares of Globus Medical by 9.0% in the 2nd quarter. AXA S.A. now owns 1,528,531 shares of the medical device company’s stock worth $90,214,000 after buying an additional 126,326 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Globus Medical by 310.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 5,051 shares of the medical device company’s stock worth $298,000 after buying an additional 3,819 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Globus Medical in the second quarter valued at $5,101,000. Finally, Burgundy Asset Management Ltd. boosted its stake in Globus Medical by 24.3% during the second quarter. Burgundy Asset Management Ltd. now owns 3,481,438 shares of the medical device company’s stock valued at $205,474,000 after buying an additional 679,691 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Trading Down 0.6%

GMED stock opened at $88.48 on Wednesday. The firm has a 50-day moving average of $72.73 and a two-hundred day moving average of $63.23. The firm has a market capitalization of $11.84 billion, a PE ratio of 28.54, a P/E/G ratio of 1.64 and a beta of 1.07. Globus Medical, Inc. has a one year low of $51.79 and a one year high of $94.93.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, November 6th. The medical device company reported $1.18 EPS for the quarter, beating the consensus estimate of $0.79 by $0.39. Globus Medical had a net margin of 15.30% and a return on equity of 11.52%. The business had revenue of $769.05 million during the quarter, compared to the consensus estimate of $734.58 million. During the same quarter in the prior year, the firm earned $0.83 EPS. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. On average, equities research analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Morgan Stanley boosted their price target on shares of Globus Medical from $70.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 2nd. Royal Bank Of Canada lifted their price objective on shares of Globus Medical from $88.00 to $92.00 and gave the stock an “outperform” rating in a research note on Friday, November 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Globus Medical in a report on Wednesday, October 8th. Bank of America raised shares of Globus Medical from a “neutral” rating to a “buy” rating and increased their target price for the company from $65.00 to $91.00 in a research note on Friday, November 7th. Finally, Wells Fargo & Company lifted their price target on shares of Globus Medical from $66.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $92.82.

Insider Buying and Selling

In related news, Director David D. Davidar sold 25,000 shares of the stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $86.00, for a total value of $2,150,000.00. Following the completion of the sale, the director directly owned 516,275 shares of the company’s stock, valued at approximately $44,399,650. This represents a 4.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen T. Zarrilli sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $84.29, for a total value of $2,107,250.00. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 96,042 shares of company stock valued at $8,003,630. 18.54% of the stock is currently owned by company insiders.

Globus Medical 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.