Argent Trust Co Invests $200,000 in Globus Medical, Inc. (NYSE:GMED)

Posted by John Perry on May 26th, 2023

Argent Trust Co purchased a new stake in Globus Medical, Inc. (NYSE:GMED – Get Rating) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,698 shares of the medical device company’s stock, valued at approximately $200,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ProShare Advisors LLC boosted its holdings in Globus Medical by 9.3% in the fourth quarter. ProShare Advisors LLC now owns 5,942 shares of the medical device company’s stock valued at $441,000 after purchasing an additional 505 shares in the last quarter. LVW Advisors LLC boosted its holdings in shares of Globus Medical by 39.6% in the fourth quarter. LVW Advisors LLC now owns 9,344 shares of the medical device company’s stock valued at $694,000 after acquiring an additional 2,650 shares during the period. AlphaCentric Advisors LLC boosted its holdings in shares of Globus Medical by 900.0% in the fourth quarter. AlphaCentric Advisors LLC now owns 10,000 shares of the medical device company’s stock valued at $743,000 after acquiring an additional 9,000 shares during the period. Maryland State Retirement & Pension System acquired a new stake in shares of Globus Medical in the fourth quarter valued at approximately $446,000. Finally, Lisanti Capital Growth LLC acquired a new stake in shares of Globus Medical in the fourth quarter valued at approximately $9,524,000. 74.23% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Dan Lemaitre sold 43,450 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $56.98, for a total value of $2,475,781.00. Following the completion of the transaction, the director now owns 10,800 shares in the company, valued at $615,384. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 24.41% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GMED shares. Piper Sandler downgraded Globus Medical from an “overweight” rating to a “neutral” rating in a report on Thursday, February 9th. Bank of America downgraded Globus Medical from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $83.00 to $63.00 in a report on Monday, February 13th. BTIG Research downgraded Globus Medical from a “buy” rating to a “neutral” rating in a report on Thursday, February 9th. Needham & Company LLC cut Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, February 10th. Finally, Barclays cut their price target on Globus Medical from $82.00 to $75.00 in a research note on Wednesday, February 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Globus Medical currently has a consensus rating of “Hold” and an average price target of $70.50.

Globus Medical Stock Performance

NYSE:GMED opened at $53.07 on Friday. The stock has a fifty day moving average price of $56.32 and a two-hundred day moving average price of $64.35. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of 26.94, a PEG ratio of 1.81 and a beta of 1.06. Globus Medical, Inc. has a 1 year low of $50.92 and a 1 year high of $80.04.

Globus Medical (NYSE:GMED – Get Rating) last released its quarterly earnings data on Thursday, May 4th. The medical device company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.02. The firm had revenue of $276.90 million during the quarter, compared to analysts’ expectations of $254.05 million. Globus Medical had a return on equity of 12.26% and a net margin of 18.82%. Globus Medical’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.42 earnings per share. On average, analysts predict that Globus Medical, Inc. will post 2.32 EPS for the current year.

Globus Medical Company Profile

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Globus Medical, Inc operates as a medical device company that develops and commercializes healthcare solutions. The firm engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.