Vaughan Nelson Investment Management L.P. Has $51.71 Million Stake in Globus Medical, Inc. (NYSE:GMED)

Vaughan Nelson Investment Management L.P. boosted its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 25.3% in the 1st quarter, HoldingsChannel.com reports. The fund owned 964,092 shares of the medical device company’s stock after purchasing an additional 194,900 shares during the quarter. Vaughan Nelson Investment Management L.P.’s holdings in Globus Medical were worth $51,714,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GMED. Radnor Capital Management LLC grew its holdings in shares of Globus Medical by 0.7% in the 1st quarter. Radnor Capital Management LLC now owns 29,101 shares of the medical device company’s stock worth $1,561,000 after purchasing an additional 215 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Globus Medical by 3.6% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 7,094 shares of the medical device company’s stock worth $378,000 after buying an additional 244 shares during the last quarter. Allworth Financial LP grew its stake in Globus Medical by 25.7% during the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after buying an additional 254 shares during the last quarter. Park Avenue Securities LLC increased its holdings in shares of Globus Medical by 7.1% during the first quarter. Park Avenue Securities LLC now owns 7,288 shares of the medical device company’s stock worth $391,000 after buying an additional 483 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its stake in shares of Globus Medical by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 52,565 shares of the medical device company’s stock valued at $2,801,000 after acquiring an additional 520 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Performance

Globus Medical stock traded down $0.17 during trading hours on Tuesday, reaching $67.75. 20,909 shares of the company’s stock traded hands, compared to its average volume of 1,118,045. The firm has a market capitalization of $9.17 billion, a price-to-earnings ratio of 106.13, a PEG ratio of 1.91 and a beta of 1.15. Globus Medical, Inc. has a fifty-two week low of $43.38 and a fifty-two week high of $69.77. The firm’s 50 day moving average is $62.32 and its 200-day moving average is $56.51.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The business had revenue of $606.67 million during the quarter, compared to the consensus estimate of $586.82 million. During the same period in the previous year, the firm posted $0.53 earnings per share. Globus Medical’s revenue for the quarter was up 119.3% compared to the same quarter last year. Analysts predict that Globus Medical, Inc. will post 2.82 EPS for the current year.

Insider Activity

In related news, Director Dan Lemaitre sold 63,300 shares of Globus Medical stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Globus Medical news, Director David D. Davidar sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $65.00, for a total value of $1,300,000.00. Following the completion of the sale, the director now owns 566,275 shares of the company’s stock, valued at $36,807,875. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Stifel Nicolaus increased their price target on Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Piper Sandler upgraded Globus Medical from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $60.00 to $80.00 in a report on Monday, May 20th. BTIG Research raised their target price on Globus Medical from $63.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, May 29th. Barclays upped their price target on shares of Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, May 9th. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, May 8th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $69.40.

Globus Medical Company 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.