Eagle Asset Management Inc. Purchases 29,573 Shares of Globus Medical, Inc. (NYSE:GMED)

Eagle Asset Management Inc. boosted its position in shares of Globus Medical, Inc. (NYSE:GMED) by 7.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 403,853 shares of the medical device company’s stock after acquiring an additional 29,573 shares during the period. Eagle Asset Management Inc. owned approximately 0.30% of Globus Medical worth $28,892,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Stephens Inc. AR increased its stake in Globus Medical by 3.4% during the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock valued at $303,000 after acquiring an additional 138 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Globus Medical by 2.5% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after acquiring an additional 140 shares during the period. Nisa Investment Advisors LLC increased its stake in Globus Medical by 15.9% during the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after acquiring an additional 160 shares during the period. Van ECK Associates Corp increased its stake in Globus Medical by 0.4% during the second quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock valued at $3,145,000 after acquiring an additional 183 shares during the period. Finally, Central Pacific Bank Trust Division increased its stake in Globus Medical by 6.2% during the third quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock valued at $268,000 after acquiring an additional 220 shares during the period. 95.16% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on GMED. Morgan Stanley upped their price objective on Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Wells Fargo & Company upped their price objective on Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Stifel Nicolaus upped their price objective on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Piper Sandler upped their price objective on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Finally, Royal Bank of Canada upped their price objective on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $88.18.

Globus Medical Stock Performance

NYSE:GMED opened at $84.72 on Friday. The stock’s fifty day moving average price is $74.76 and its two-hundred day moving average price is $70.69. Globus Medical, Inc. has a 52-week low of $44.02 and a 52-week high of $85.30. The company has a market cap of $11.54 billion, a price-to-earnings ratio of 126.45, a P/E/G ratio of 1.99 and a beta of 1.17.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.18. The firm had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business’s revenue for the quarter was up 63.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.57 EPS. On average, equities analysts predict that Globus Medical, Inc. will post 2.98 EPS for the current fiscal year.

Insider Activity

In related news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the sale, the director now owns 536,275 shares in the company, valued at $40,242,076. This represents a 5.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock valued at $8,512,850 in the last 90 days. 18.54% of the stock is owned by company insiders.

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.