Van ECK Associates Corp Raises Stock Position in Globus Medical, Inc. (NYSE:GMED)

Van ECK Associates Corp boosted its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 82.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,380 shares of the medical device company’s stock after buying an additional 15,552 shares during the quarter. Van ECK Associates Corp’s holdings in Globus Medical were worth $1,832,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale acquired a new stake in shares of Globus Medical in the 3rd quarter valued at $28,000. Allworth Financial LP increased its holdings in shares of Globus Medical by 25.7% in the 4th quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock valued at $66,000 after acquiring an additional 254 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Globus Medical by 122.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,493 shares of the medical device company’s stock valued at $74,000 after acquiring an additional 823 shares during the last quarter. Wolverine Asset Management LLC purchased a new stake in shares of Globus Medical during the 3rd quarter worth approximately $89,000. Finally, Coldstream Capital Management Inc. purchased a new position in shares of Globus Medical in the 3rd quarter valued at $205,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insider Buying and Selling at Globus Medical

In related news, Director Leslie V. Norwalk sold 10,590 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the sale, the director now owns 17,419 shares in the company, valued at approximately $905,613.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 24.30% of the stock is currently owned by corporate insiders.

Globus Medical Stock Up 20.0 %

Globus Medical stock opened at $61.61 on Thursday. The stock’s 50 day moving average price is $52.50 and its 200 day moving average price is $51.26. The company has a market cap of $8.34 billion, a PE ratio of 52.66, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.88 and a quick ratio of 2.72. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $65.74.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The business had revenue of $606.67 million for the quarter, compared to analysts’ expectations of $586.82 million. During the same period in the prior year, the company posted $0.53 EPS. The business’s revenue for the quarter was up 119.3% on a year-over-year basis. On average, sell-side analysts predict that Globus Medical, Inc. will post 2.69 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $70.00 price target on shares of Globus Medical in a research report on Thursday, January 11th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Wednesday. BTIG Research raised their price objective on shares of Globus Medical from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday. Stifel Nicolaus raised their price target on Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Piper Sandler upped their price objective on Globus Medical from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.60.

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.