NewEdge Advisors LLC Purchases 1,166 Shares of Globus Medical, Inc. (NYSE:GMED)

NewEdge Advisors LLC grew its position in shares of Globus Medical, Inc. (NYSE:GMED) by 24.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,909 shares of the medical device company’s stock after acquiring an additional 1,166 shares during the period. NewEdge Advisors LLC’s holdings in Globus Medical were worth $489,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Ontario Teachers Pension Plan Board bought a new position in shares of Globus Medical during the fourth quarter valued at about $287,000. Guggenheim Capital LLC bought a new stake in Globus Medical during the 4th quarter valued at approximately $907,000. Investment Counsel Co. of Nevada bought a new stake in Globus Medical during the 4th quarter valued at approximately $83,000. Mariner LLC grew its holdings in shares of Globus Medical by 10.8% during the 4th quarter. Mariner LLC now owns 13,784 shares of the medical device company’s stock worth $1,140,000 after acquiring an additional 1,342 shares during the period. Finally, Synovus Financial Corp raised its position in shares of Globus Medical by 1.6% in the 4th quarter. Synovus Financial Corp now owns 14,544 shares of the medical device company’s stock worth $1,203,000 after acquiring an additional 233 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Price Performance

GMED stock opened at $72.58 on Tuesday. Globus Medical, Inc. has a 1-year low of $49.33 and a 1-year high of $94.93. The business has a fifty day moving average price of $74.07 and a 200-day moving average price of $80.17. The stock has a market capitalization of $9.98 billion, a P/E ratio of 96.77, a P/E/G ratio of 1.61 and a beta of 1.28.

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GMED. Stifel Nicolaus lifted their price target on Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Wells Fargo & Company dropped their price target on Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Canaccord Genuity Group lifted their price target on Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $80.00 to $97.00 in a research report on Thursday, January 9th. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 18th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $96.91.

Globus Medical 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.