Madison Investment Advisors LLC Takes $4.25 Million Position in Globus Medical, Inc. (NYSE:GMED)

Madison Investment Advisors LLC purchased a new position in Globus Medical, Inc. (NYSE:GMED) in the 4th quarter, Holdings Channel.com reports. The firm purchased 51,330 shares of the medical device company’s stock, valued at approximately $4,246,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vestcor Inc raised its stake in Globus Medical by 840.0% during the fourth quarter. Vestcor Inc now owns 16,084 shares of the medical device company’s stock worth $1,330,000 after acquiring an additional 14,373 shares in the last quarter. Swiss National Bank grew its holdings in shares of Globus Medical by 1.0% in the 4th quarter. Swiss National Bank now owns 222,177 shares of the medical device company’s stock worth $18,376,000 after purchasing an additional 2,200 shares during the last quarter. Avantax Advisory Services Inc. grew its holdings in shares of Globus Medical by 14.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 20,462 shares of the medical device company’s stock worth $1,692,000 after purchasing an additional 2,534 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in shares of Globus Medical by 4.4% during the 4th quarter. Sequoia Financial Advisors LLC now owns 75,253 shares of the medical device company’s stock worth $6,224,000 after purchasing an additional 3,141 shares in the last quarter. Finally, HighTower Advisors LLC lifted its holdings in Globus Medical by 2.4% during the 4th quarter. HighTower Advisors LLC now owns 40,002 shares of the medical device company’s stock valued at $3,309,000 after purchasing an additional 935 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on GMED shares. Wells Fargo & Company decreased their price objective on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Roth Mkm increased their price target on Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $80.00 to $97.00 in a research report on Thursday, January 9th. StockNews.com raised Globus Medical from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Friday, February 21st. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and an average price target of $97.82.

Globus Medical Stock Down 2.4 %

Globus Medical stock opened at $69.61 on Friday. The business’s 50-day simple moving average is $85.09 and its 200 day simple moving average is $79.69. The stock has a market cap of $9.57 billion, a price-to-earnings ratio of 92.81, a P/E/G ratio of 1.61 and a beta of 1.19. Globus Medical, Inc. has a 12-month low of $49.33 and a 12-month high of $94.93.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $657.29 million for the quarter, compared to the consensus estimate of $646.19 million. As a group, sell-side analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current year.

Insider Buying and Selling at Globus Medical

In other news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 18.54% of the company’s stock.

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. 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.