Park Avenue Securities LLC Increases Holdings in Globus Medical, Inc. (NYSE:GMED)

Park Avenue Securities LLC raised its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 26.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,405 shares of the medical device company’s stock after purchasing an additional 1,546 shares during the period. Park Avenue Securities LLC’s holdings in Globus Medical were worth $612,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GMED. V Square Quantitative Management LLC purchased a new stake in shares of Globus Medical in the 3rd quarter worth about $27,000. Quarry LP raised its stake in Globus Medical by 698.4% in the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after buying an additional 433 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after buying an additional 385 shares during the period. GAMMA Investing LLC grew its holdings in shares of Globus Medical by 40.7% during the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock worth $64,000 after acquiring an additional 257 shares during the period. Finally, IHT Wealth Management LLC purchased a new position in shares of Globus Medical in the 3rd quarter valued at approximately $201,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Trading Up 0.9 %

Globus Medical stock opened at $93.25 on Thursday. Globus Medical, Inc. has a 12 month low of $49.33 and a 12 month high of $93.67. The stock has a fifty day simple moving average of $84.43 and a two-hundred day simple moving average of $76.33. The firm has a market cap of $12.70 billion, a price-to-earnings ratio of 139.18, a PEG ratio of 1.73 and a beta of 1.19.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter in the prior year, the business earned $0.57 EPS. The business’s revenue for the quarter was up 63.1% compared to the same quarter last year. On average, equities research analysts forecast that Globus Medical, Inc. will post 2.98 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on GMED shares. Canaccord Genuity Group increased their price objective on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 10th. BTIG Research increased their price target on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Roth Mkm boosted their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Piper Sandler raised their target price on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Finally, Royal Bank of Canada boosted their price target on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $96.91.

Insiders Place Their Bets

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 81,667 shares of company stock worth $6,674,554. Company 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.