Probity Advisors Inc. Makes New $212,000 Investment in Globus Medical, Inc. $GMED

Probity Advisors Inc. acquired a new position in shares of Globus Medical, Inc. (NYSE:GMED) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,593 shares of the medical device company’s stock, valued at approximately $212,000.

Other hedge funds have also recently bought and sold shares of the company. Invesco Ltd. raised its stake 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 purchasing an additional 1,553,154 shares during the period. Nuveen LLC bought a new stake in shares of Globus Medical during the 1st quarter worth $54,669,000. Truist Financial Corp raised its stake 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 purchasing an additional 439,693 shares during the period. Driehaus Capital Management LLC raised its stake 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 purchasing an additional 328,040 shares during the period. Finally, Smith Group Asset Management LLC bought a new stake in shares of Globus Medical during the 1st quarter worth $23,900,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Globus Medical

In other news, Director Ann D. Rhoads sold 10,000 shares of the company’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $58.46, for a total transaction of $584,600.00. Following the sale, the director directly owned 25,384 shares in the company, valued at $1,483,948.64. This represents a 28.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 18.54% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on GMED shares. Canaccord Genuity Group lowered their target price 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. Wall Street Zen cut Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Wells Fargo & Company lowered their target price 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Globus Medical in a research note on Wednesday, October 8th. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Monday, July 21st. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Globus Medical has an average rating of “Moderate Buy” and a consensus price target of $87.27.

Globus Medical Stock Performance

Shares of Globus Medical stock opened at $62.82 on Wednesday. Globus Medical, Inc. has a 52-week low of $51.79 and a 52-week high of $94.93. The stock’s 50-day simple moving average is $59.22 and its 200 day simple moving average is $60.71. The stock has a market capitalization of $8.48 billion, a P/E ratio of 24.16, a P/E/G ratio of 1.69 and a beta of 1.12.

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

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.