Burgundy Asset Management Ltd. Has $172.25 Million Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Burgundy Asset Management Ltd. lifted its position in shares of Globus Medical, Inc. (NYSE:GMED) by 1.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,514,891 shares of the medical device company’s stock after purchasing an additional 35,054 shares during the quarter. Globus Medical accounts for 1.8% of Burgundy Asset Management Ltd.’s portfolio, making the stock its 17th largest position. Burgundy Asset Management Ltd. owned approximately 1.86% of Globus Medical worth $172,245,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC acquired a new stake in Globus Medical during the 2nd quarter worth $33,000. GAMMA Investing LLC raised its position in shares of Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares during the period. YHB Investment Advisors Inc. bought a new position in shares of Globus Medical during the 1st quarter valued at about $50,000. International Assets Investment Management LLC acquired a new position in shares of Globus Medical in the 2nd quarter valued at approximately $52,000. Finally, Mather Group LLC. bought a new stake in Globus Medical during the 1st quarter worth approximately $69,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Up 0.3 %

GMED stock opened at $69.58 on Thursday. The company has a market cap of $9.42 billion, a price-to-earnings ratio of 108.72, a P/E/G ratio of 1.91 and a beta of 1.17. Globus Medical, Inc. has a twelve month low of $43.38 and a twelve month high of $74.21. The business has a 50 day moving average price of $70.89 and a two-hundred day moving average price of $63.32.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.68 by $0.07. The company had revenue of $629.69 million during the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The firm’s revenue for the quarter was up 115.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.63 EPS. On average, equities research analysts anticipate that Globus Medical, Inc. will post 2.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Morgan Stanley lifted their price target on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. BTIG Research boosted their price objective on shares of Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Wednesday, August 7th. Truist Financial boosted their price target on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, Barclays increased their price objective on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Globus Medical has an average rating of “Moderate Buy” and a consensus price target of $77.20.

Insider Activity

In other news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Leslie V. Norwalk sold 1,000 shares of the stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the sale, the director now owns 16,419 shares in the company, valued at approximately $1,149,330. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

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.