Wealth Enhancement Advisory Services LLC Boosts Stake in Globus Medical, Inc. (NYSE:GMED)

Wealth Enhancement Advisory Services LLC grew its stake in Globus Medical, Inc. (NYSE:GMED) by 2.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,637 shares of the medical device company’s stock after acquiring an additional 140 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Globus Medical were worth $403,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Swedbank AB boosted its stake in Globus Medical by 15.4% in the second quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after acquiring an additional 50,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Globus Medical by 17.9% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock valued at $77,852,000 after purchasing an additional 172,605 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its position in shares of Globus Medical by 12.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock worth $4,839,000 after purchasing an additional 9,754 shares in the last quarter. GSA Capital Partners LLP purchased a new position in Globus Medical during the 1st quarter worth $429,000. Finally, Sanctuary Advisors LLC purchased a new position in Globus Medical during the 2nd quarter worth $611,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

Shares of GMED opened at $80.88 on Friday. The business’s 50-day moving average is $72.28 and its two-hundred day moving average is $68.46. The company has a market capitalization of $10.95 billion, a P/E ratio of 120.72, a P/E/G ratio of 2.19 and a beta of 1.17. Globus Medical, Inc. has a fifty-two week low of $43.38 and a fifty-two week high of $84.87.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company’s revenue was up 63.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.57 earnings per share. Analysts forecast that Globus Medical, Inc. will post 2.97 EPS for the current year.

Analysts Set New Price Targets

GMED has been the subject of a number of research analyst reports. Canaccord Genuity Group increased their price target on Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Wednesday. Stifel Nicolaus boosted their target price on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday. Royal Bank of Canada upped their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Morgan Stanley lifted their price objective on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and a consensus target price of $87.09.

Insider Transactions at Globus Medical

In related news, SVP Kelly Huller sold 5,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Globus Medical news, SVP Kelly Huller sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold 110,000 shares of company stock valued at $8,512,850 in the last 90 days. 18.54% of the stock is currently owned by company insiders.

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.