DNB Asset Management AS Buys 67,911 Shares of Globus Medical, Inc. $GMED

DNB Asset Management AS lifted its position in Globus Medical, Inc. (NYSE:GMED) by 51.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 200,918 shares of the medical device company’s stock after purchasing an additional 67,911 shares during the period. DNB Asset Management AS owned about 0.15% of Globus Medical worth $11,507,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Boston Trust Walden Corp bought a new position in Globus Medical in the 3rd quarter worth $67,891,000. Norges Bank purchased a new stake in Globus Medical during the 2nd quarter valued at about $68,038,000. ANTIPODES PARTNERS Ltd increased its stake in Globus Medical by 49,020.3% during the 3rd quarter. ANTIPODES PARTNERS Ltd now owns 891,043 shares of the medical device company’s stock valued at $51,034,000 after purchasing an additional 889,229 shares in the last quarter. Marshall Wace LLP raised its holdings in Globus Medical by 89.7% in the second quarter. Marshall Wace LLP now owns 1,580,476 shares of the medical device company’s stock worth $93,280,000 after buying an additional 747,330 shares during the last quarter. Finally, Burgundy Asset Management Ltd. grew its holdings in shares of 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 during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Barclays increased their price objective on Globus Medical from $118.00 to $123.00 and gave the company an “overweight” rating in a research report on Wednesday. Royal Bank Of Canada raised their price objective on shares of Globus Medical from $92.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. Bank of America raised shares of Globus Medical from a “neutral” rating to a “buy” rating and upped their target price for the stock from $65.00 to $91.00 in a report on Friday, November 7th. Wall Street Zen upgraded Globus Medical from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 3rd. Finally, Truist Financial set a $115.00 price objective on Globus Medical in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $104.36.

Globus Medical Trading Down 1.4%

Shares of NYSE GMED opened at $95.39 on Friday. The stock has a market capitalization of $12.77 billion, a price-to-earnings ratio of 24.21, a P/E/G ratio of 2.21 and a beta of 1.06. The firm’s 50-day moving average price is $90.69 and its 200-day moving average price is $76.48. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $101.40.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.22. The company had revenue of $826.42 million during the quarter, compared to the consensus estimate of $803.29 million. Globus Medical had a return on equity of 12.57% and a net margin of 18.30%.Globus Medical’s revenue was up 25.7% on a year-over-year basis. During the same period last year, the company earned $0.84 earnings per share. On average, equities analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Insider Activity at Globus Medical

In other news, EVP Kelly Huller sold 20,000 shares of the business’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $94.50, for a total transaction of $1,890,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leslie V. Norwalk sold 2,000 shares of the company’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $101.10, for a total transaction of $202,200.00. Following the completion of the transaction, the director owned 10,419 shares in the company, valued at approximately $1,053,360.90. The trade was a 16.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 54,136 shares of company stock worth $5,001,033 in the last quarter. 18.51% of the stock is owned by company insiders.

About Globus Medical

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.