Leith Wheeler Investment Counsel Ltd. Boosts Stake in Globus Medical, Inc. $GMED

Leith Wheeler Investment Counsel Ltd. grew its position in shares of Globus Medical, Inc. (NYSE:GMEDFree Report) by 5.7% during the second quarter, Holdings Channel reports. The fund owned 181,408 shares of the medical device company’s stock after purchasing an additional 9,760 shares during the period. Globus Medical makes up about 0.6% of Leith Wheeler Investment Counsel Ltd.’s holdings, making the stock its 29th biggest holding. Leith Wheeler Investment Counsel Ltd.’s holdings in Globus Medical were worth $10,707,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in GMED. Invesco Ltd. grew its holdings in shares of Globus Medical by 331.9% during the 1st quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company’s stock worth $147,949,000 after acquiring an additional 1,553,154 shares during the period. Nuveen LLC purchased a new position in shares of Globus Medical during the 1st quarter worth approximately $54,669,000. Truist Financial Corp grew its holdings in shares of Globus Medical by 640.7% during the 1st quarter. Truist Financial Corp now owns 508,318 shares of the medical device company’s stock worth $37,209,000 after acquiring an additional 439,693 shares during the period. Driehaus Capital Management LLC grew its holdings in shares of Globus Medical by 60.1% during the 1st quarter. Driehaus Capital Management LLC now owns 873,784 shares of the medical device company’s stock worth $63,961,000 after acquiring an additional 328,040 shares during the period. Finally, Smith Group Asset Management LLC purchased a new position in shares of Globus Medical during the 1st quarter worth approximately $23,900,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on GMED shares. Canaccord Genuity Group cut their price target on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, July 22nd. Morgan Stanley cut their price target on Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 15th. Wall Street Zen downgraded Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Weiss Ratings restated a “hold (c)” rating on shares of Globus Medical in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company cut their price target on Globus Medical from $76.00 to $66.00 and set an “overweight” rating on the stock in a research note on Friday, August 8th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and an average price target of $87.27.

Check Out Our Latest Research Report on Globus Medical

Insider Transactions at Globus Medical

In related news, Director Ann D. Rhoads sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $58.46, for a total value of $584,600.00. Following the transaction, the director directly owned 25,384 shares of the company’s stock, valued at approximately $1,483,948.64. This represents a 28.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 18.51% of the company’s stock.

Globus Medical Trading Down 4.9%

GMED stock opened at $56.69 on Monday. The stock has a market capitalization of $7.66 billion, a PE ratio of 21.80, a price-to-earnings-growth ratio of 1.55 and a beta of 1.12. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $94.93. The stock’s 50 day simple moving average is $58.77 and its 200 day simple moving average is $61.27.

Globus Medical (NYSE:GMEDGet Free Report) last released its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.10. The business had revenue of $745.34 million for the quarter, compared to analysts’ expectations of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The firm’s quarterly revenue was up 18.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.75 EPS. On average, research analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

About Globus Medical

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Globus Medical (NYSE:GMED)

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