Raymond James & Associates Raises Stock Position in Globus Medical, Inc. (NYSE:GMED)

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Raymond James & Associates grew its holdings in Globus Medical, Inc. (NYSE:GMED) by 20.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 264,567 shares of the medical device company’s stock after purchasing an additional 44,538 shares during the quarter. Raymond James & Associates owned 0.27% of Globus Medical worth $13,101,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. boosted its holdings in Globus Medical by 115.0% in the third quarter. Envestnet Asset Management Inc. now owns 95,999 shares of the medical device company’s stock valued at $4,754,000 after purchasing an additional 51,356 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Globus Medical by 19.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,311 shares of the medical device company’s stock valued at $397,000 after purchasing an additional 1,377 shares in the last quarter. Boston Trust Walden Corp boosted its stake in shares of Globus Medical by 4.6% in the 3rd quarter. Boston Trust Walden Corp now owns 505,161 shares of the medical device company’s stock valued at $25,016,000 after buying an additional 22,152 shares during the period. Skandinaviska Enskilda Banken AB publ grew its position in shares of Globus Medical by 7.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 22,564 shares of the medical device company’s stock worth $1,077,000 after buying an additional 1,540 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its stake in shares of Globus Medical by 44.2% during the second quarter. State Board of Administration of Florida Retirement System now owns 89,408 shares of the medical device company’s stock worth $4,266,000 after buying an additional 27,408 shares during the period. Hedge funds and other institutional investors own 66.58% of the company’s stock.

In other Globus Medical news, Director James R. Tobin sold 5,600 shares of the business’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $56.85, for a total value of $318,360.00. Following the transaction, the director now directly owns 5,600 shares of the company’s stock, valued at approximately $318,360. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Andrew Douglas acquired 615 shares of the business’s stock in a transaction on Monday, August 24th. The shares were purchased at an average price of $53.88 per share, with a total value of $33,136.20. Following the transaction, the director now owns 2,005 shares in the company, valued at approximately $108,029.40. The disclosure for this purchase can be found here. Insiders own 25.63% of the company’s stock.

Shares of GMED opened at $56.68 on Friday. The company’s 50 day simple moving average is $52.81 and its 200-day simple moving average is $51.39. The firm has a market cap of $5.59 billion, a PE ratio of 61.61, a price-to-earnings-growth ratio of 3.69 and a beta of 0.95. Globus Medical, Inc. has a 12-month low of $33.41 and a 12-month high of $60.15.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Wednesday, October 28th. The medical device company reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.18. Globus Medical had a net margin of 12.36% and a return on equity of 9.85%. As a group, analysts expect that Globus Medical, Inc. will post 1.35 earnings per share for the current fiscal year.

Several research analysts have commented on the stock. Piper Sandler boosted their price target on shares of Globus Medical from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, August 6th. Zacks Investment Research lowered Globus Medical from a “buy” rating to a “sell” rating and set a $56.00 target price on the stock. in a report on Monday, October 12th. Oppenheimer began coverage on Globus Medical in a report on Thursday, August 6th. They set a “hold” rating and a $56.00 price target for the company. Stifel Nicolaus started coverage on Globus Medical in a report on Monday, October 19th. They issued a “hold” rating and a $56.00 price objective on the stock. Finally, Northland Securities raised Globus Medical from a “market perform” rating to an “outperform” rating and set a $65.00 target price on the stock in a research report on Thursday, August 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $60.00.

Globus Medical Profile

Globus Medical, Inc, a medical device company, focuses on the development and commercialization of implants that heal patients with musculoskeletal disorders. Its spine product portfolio includes a range of implant and surgical approach options that can be used to treat degenerative, deformity, tumor, and trauma conditions affecting the spine from the occiput to the sacrum.

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