Greenleaf Trust Buys New Shares in Globus Medical, Inc. (NYSE:GMED)

Greenleaf Trust bought a new position in shares of Globus Medical, Inc. (NYSE:GMED) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,653 shares of the medical device company’s stock, valued at approximately $248,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Globus Medical by 49.7% in the 3rd quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock worth $558,339,000 after purchasing an additional 3,732,959 shares during the period. Paradice Investment Management LLC acquired a new stake in shares of Globus Medical during the 3rd quarter valued at $55,053,000. Bank of New York Mellon Corp grew its holdings in shares of Globus Medical by 80.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,406,682 shares of the medical device company’s stock valued at $119,492,000 after acquiring an additional 1,069,419 shares in the last quarter. Nuance Investments LLC increased its stake in shares of Globus Medical by 36.8% in the third quarter. Nuance Investments LLC now owns 3,620,518 shares of the medical device company’s stock worth $179,759,000 after acquiring an additional 974,693 shares during the last quarter. Finally, Burgundy Asset Management Ltd. raised its holdings in shares of Globus Medical by 300.4% during the third quarter. Burgundy Asset Management Ltd. now owns 1,033,770 shares of the medical device company’s stock worth $51,327,000 after acquiring an additional 775,615 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Price Performance

Shares of GMED stock opened at $51.44 on Thursday. The company has a quick ratio of 2.72, a current ratio of 4.88 and a debt-to-equity ratio of 0.10. The firm has a fifty day moving average of $53.13 and a 200-day moving average of $51.36. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of 43.97, a price-to-earnings-growth ratio of 1.51 and a beta of 1.08. Globus Medical, Inc. has a 12-month low of $43.38 and a 12-month high of $62.88.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, February 20th. The medical device company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.01. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business had revenue of $616.53 million during the quarter, compared to analysts’ expectations of $608.21 million. During the same period last year, the firm posted $0.59 EPS. The firm’s revenue for the quarter was up 124.6% compared to the same quarter last year. On average, equities research analysts forecast that Globus Medical, Inc. will post 2.69 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have commented on the company. Stifel Nicolaus raised their price objective on Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Truist Financial boosted their price target on shares of Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. BTIG Research upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Monday, March 18th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price target on shares of Globus Medical in a research report on Thursday, January 11th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.33.

Insider Transactions at Globus Medical

In other news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the sale, the director now directly owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 24.30% 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.