Truist Financial Corp Boosts Stake in Globus Medical, Inc. (NYSE:GMED)

Truist Financial Corp lifted its position in Globus Medical, Inc. (NYSE:GMED) by 9.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 80,784 shares of the medical device company’s stock after purchasing an additional 7,140 shares during the quarter. Truist Financial Corp owned approximately 0.06% of Globus Medical worth $4,305,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in GMED. Vanguard Group Inc. boosted its holdings in shares of Globus Medical by 49.7% in the third quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock valued at $558,339,000 after acquiring an additional 3,732,959 shares during the period. Nuance Investments LLC boosted its stake in Globus Medical by 36.8% during the 3rd quarter. Nuance Investments LLC now owns 3,620,518 shares of the medical device company’s stock worth $179,759,000 after purchasing an additional 974,693 shares during the period. Wellington Management Group LLP grew its position in Globus Medical by 19.6% during the 3rd quarter. Wellington Management Group LLP now owns 2,659,944 shares of the medical device company’s stock worth $132,066,000 after purchasing an additional 435,132 shares during the last quarter. Bank of New York Mellon Corp grew its position in 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 worth $119,492,000 after purchasing an additional 1,069,419 shares during the last quarter. Finally, William Blair Investment Management LLC increased its stake in Globus Medical by 1.9% in the third quarter. William Blair Investment Management LLC now owns 2,316,372 shares of the medical device company’s stock valued at $115,008,000 after purchasing an additional 43,187 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Price Performance

Shares of NYSE GMED opened at $51.95 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88. Globus Medical, Inc. has a one year low of $43.38 and a one year high of $62.88. The firm has a market capitalization of $7.03 billion, a P/E ratio of 44.40, a PEG ratio of 1.53 and a beta of 1.11. The company’s fifty day moving average is $52.57 and its two-hundred day moving average is $51.20.

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

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the business’s 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 in the company, valued at $905,613.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 24.30% of the company’s stock.

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.