Comerica Bank raised its stake in Globus Medical, Inc. (NYSE:GMED – Get Rating) by 6.8% during the first quarter, HoldingsChannel.com reports. The fund owned 39,958 shares of the medical device company’s stock after purchasing an additional 2,548 shares during the quarter. Comerica Bank’s holdings in Globus Medical were worth $3,252,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Pictet Asset Management SA increased its holdings in Globus Medical by 9.9% in the 4th quarter. Pictet Asset Management SA now owns 134,505 shares of the medical device company’s stock valued at $9,711,000 after acquiring an additional 12,081 shares during the last quarter. Van ECK Associates Corp increased its holdings in Globus Medical by 17.9% in the 4th quarter. Van ECK Associates Corp now owns 16,356 shares of the medical device company’s stock valued at $1,181,000 after acquiring an additional 2,485 shares during the last quarter. Capital Advisory Group Advisory Services LLC increased its holdings in Globus Medical by 5.5% in the 4th quarter. Capital Advisory Group Advisory Services LLC now owns 6,201 shares of the medical device company’s stock valued at $448,000 after acquiring an additional 322 shares during the last quarter. Wesbanco Bank Inc. bought a new stake in Globus Medical in the 4th quarter valued at $221,000. Finally, Citigroup Inc. increased its holdings in Globus Medical by 5.0% in the 4th quarter. Citigroup Inc. now owns 29,324 shares of the medical device company’s stock valued at $2,116,000 after acquiring an additional 1,402 shares during the last quarter. 67.19% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of analysts have issued reports on the stock. Wells Fargo & Company reduced their price target on shares of Globus Medical from $80.00 to $70.00 in a report on Wednesday, May 11th. Canaccord Genuity Group reduced their target price on shares of Globus Medical from $80.00 to $75.00 in a report on Wednesday, May 11th. Morgan Stanley reduced their target price on shares of Globus Medical from $68.00 to $62.00 and set an “equal weight” rating on the stock in a report on Friday, July 15th. Piper Sandler reduced their target price on shares of Globus Medical to $80.00 in a report on Friday, June 3rd. Finally, StockNews.com began coverage on shares of Globus Medical in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and a consensus price target of $81.85.
Globus Medical Trading Up 0.1 %
Shares of NYSE:GMED opened at $58.00 on Thursday. The company has a market capitalization of $5.90 billion, a price-to-earnings ratio of 42.65, a PEG ratio of 2.71 and a beta of 1.16. Globus Medical, Inc. has a 12 month low of $52.60 and a 12 month high of $84.23. The firm’s 50-day moving average is $60.02 and its 200 day moving average is $66.61.
Globus Medical (NYSE:GMED – Get Rating) last released its quarterly earnings data on Tuesday, May 10th. The medical device company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.04). The company had revenue of $230.55 million during the quarter, compared to analysts’ expectations of $232.88 million. Globus Medical had a net margin of 14.77% and a return on equity of 11.95%. Globus Medical’s quarterly revenue was up 1.4% on a year-over-year basis. During the same period last year, the firm earned $0.49 earnings per share. As a group, equities analysts forecast that Globus Medical, Inc. will post 2.1 EPS for the current fiscal year.
Globus Medical Company Profile
Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. It offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative, deformity, tumors, and trauma conditions; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional pain management solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.
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