Globus Medical, Inc. (GMED) Position Raised by Victory Capital Management Inc.
Victory Capital Management Inc. increased its position in shares of Globus Medical, Inc. (NYSE:GMED) by 17.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,398 shares of the medical device company’s stock after purchasing an additional 808 shares during the period. Victory Capital Management Inc.’s holdings in Globus Medical were worth $179,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Sei Investments Co. increased its position in Globus Medical by 18.9% during the second quarter. Sei Investments Co. now owns 3,165 shares of the medical device company’s stock worth $105,000 after purchasing an additional 503 shares during the last quarter. Meadow Creek Investment Management LLC acquired a new stake in Globus Medical during the first quarter worth about $138,000. Turner Investments LLC acquired a new stake in Globus Medical during the second quarter worth about $166,000. OppenheimerFunds Inc. acquired a new stake in Globus Medical during the first quarter worth about $200,000. Finally, LS Investment Advisors LLC increased its position in Globus Medical by 19.3% during the second quarter. LS Investment Advisors LLC now owns 6,152 shares of the medical device company’s stock worth $204,000 after purchasing an additional 995 shares during the last quarter. Hedge funds and other institutional investors own 65.64% of the company’s stock.
Globus Medical, Inc. (GMED) opened at 29.28 on Friday. Globus Medical, Inc. has a 52 week low of $19.25 and a 52 week high of $34.03. The company has a 50-day moving average of $29.82 and a 200-day moving average of $30.72. The stock has a market cap of $2.82 billion, a P/E ratio of 26.38 and a beta of 0.60.
Globus Medical (NYSE:GMED) last posted its earnings results on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.02. The firm had revenue of $152.39 million during the quarter, compared to the consensus estimate of $150.94 million. Globus Medical had a net margin of 18.12% and a return on equity of 13.99%. The company’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 EPS. On average, analysts predict that Globus Medical, Inc. will post $1.27 EPS for the current fiscal year.
Several equities research analysts recently issued reports on GMED shares. Gabelli restated a “buy” rating on shares of Globus Medical in a research report on Friday, August 4th. BidaskClub cut shares of Globus Medical from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 5th. Canaccord Genuity reiterated a “buy” rating and set a $37.00 price target on shares of Globus Medical in a research report on Friday, August 18th. BTIG Research assumed coverage on shares of Globus Medical in a research report on Thursday, September 7th. They set a “buy” rating and a $37.00 price target for the company. Finally, Morgan Stanley reiterated an “equal weight” rating on shares of Globus Medical in a research report on Tuesday, July 11th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $31.38.
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In other news, insider A Brett Murphy sold 15,000 shares of the stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $29.99, for a total transaction of $449,850.00. Following the completion of the transaction, the insider now directly owns 101,217 shares in the company, valued at approximately $3,035,497.83. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 28.21% of the stock is owned by company insiders.
Globus Medical Company Profile
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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