Capital Investment Counsel Inc Increases Holdings in Globus Medical, Inc. (NYSE:GMED)

Capital Investment Counsel Inc increased its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 64.1% in the fourth quarter, Holdings Channel reports. The firm owned 20,490 shares of the medical device company’s stock after acquiring an additional 8,000 shares during the period. Capital Investment Counsel Inc’s holdings in Globus Medical were worth $1,092,000 as of its most recent SEC filing.

Other institutional investors have 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 about $28,000. Allworth Financial LP raised its stake in Globus Medical by 25.7% during the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after acquiring an additional 254 shares during the period. Nisa Investment Advisors LLC raised its stake in Globus Medical by 122.8% during the third quarter. Nisa Investment Advisors LLC now owns 1,493 shares of the medical device company’s stock worth $74,000 after acquiring an additional 823 shares during the period. Wolverine Asset Management LLC acquired a new stake in Globus Medical during the third quarter worth about $89,000. Finally, Coldstream Capital Management Inc. acquired a new stake in Globus Medical during the third quarter worth about $205,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insider Activity 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 shares were sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the sale, the director now owns 17,419 shares in the company, valued at approximately $905,613.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 24.30% of the stock is owned by insiders.

Globus Medical Price Performance

GMED stock traded up $0.47 on Monday, hitting $51.02. 55,010 shares of the company’s stock traded hands, compared to its average volume of 1,103,624. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $62.88. The stock has a market cap of $6.91 billion, a price-to-earnings ratio of 43.21, a P/E/G ratio of 1.49 and a beta of 1.08. The stock has a fifty day moving average of $53.00 and a 200-day moving average of $51.31. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, February 20th. The medical device company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.59 by $0.01. The business had revenue of $616.53 million during the quarter, compared to analyst estimates of $608.21 million. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The business’s quarterly revenue was up 124.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.59 earnings per share. On average, analysts forecast that Globus Medical, Inc. will post 2.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. BTIG Research upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Monday, March 18th. Truist Financial increased their price objective on shares of Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 price objective on shares of Globus Medical in a research note on Thursday, January 11th. Finally, Stifel Nicolaus upped their target price on shares of Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Globus Medical presently has a consensus rating of “Moderate Buy” and an average target price of $66.33.

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.