Channing Capital Management LLC Has $7.13 Million Stake in Globus Medical, Inc. (NYSE:GMED)

Channing Capital Management LLC grew its stake in Globus Medical, Inc. (NYSE:GMED) by 8.0% during the fourth quarter, HoldingsChannel reports. The firm owned 133,865 shares of the medical device company’s stock after buying an additional 9,871 shares during the quarter. Channing Capital Management LLC’s holdings in Globus Medical were worth $7,134,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. River Global Investors LLP acquired a new position in shares of Globus Medical during the fourth quarter worth $1,448,000. Natixis Advisors L.P. raised its holdings in Globus Medical by 45.6% in the 4th quarter. Natixis Advisors L.P. now owns 150,114 shares of the medical device company’s stock valued at $7,999,000 after buying an additional 47,047 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Globus Medical by 15.9% in the 4th quarter. Victory Capital Management Inc. now owns 60,365 shares of the medical device company’s stock valued at $3,217,000 after buying an additional 8,288 shares during the last quarter. Van ECK Associates Corp boosted its position in Globus Medical by 82.6% during the 4th quarter. Van ECK Associates Corp now owns 34,380 shares of the medical device company’s stock worth $1,832,000 after buying an additional 15,552 shares during the period. Finally, Capital Investment Counsel Inc increased its position in Globus Medical by 64.1% in the 4th quarter. Capital Investment Counsel Inc now owns 20,490 shares of the medical device company’s stock valued at $1,092,000 after acquiring an additional 8,000 shares during the period. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Down 3.2 %

Shares of GMED traded down $1.67 on Monday, reaching $50.28. The company’s stock had a trading volume of 1,367,743 shares, compared to its average volume of 1,096,819. The stock has a market capitalization of $6.81 billion, a PE ratio of 44.40, a PEG ratio of 1.53 and a beta of 1.11. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. Globus Medical, Inc. has a twelve month low of $43.38 and a twelve month high of $62.88. The firm has a fifty day moving average of $52.57 and a 200-day moving average of $51.20.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, February 20th. The medical device company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $608.21 million. During the same period in the previous year, the firm earned $0.59 EPS. The business’s revenue for the quarter was up 124.6% compared to the same quarter last year. Equities analysts predict that Globus Medical, Inc. will post 2.69 EPS for the current year.

Insider Buying and Selling

In other news, Director Leslie V. Norwalk sold 10,590 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the transaction, the director now directly owns 17,419 shares of the company’s stock, valued at $905,613.81. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 24.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

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.