Globus Medical, Inc. (NYSE:GMED) Stock Holdings Lifted by M&T Bank Corp

M&T Bank Corp increased its position in shares of Globus Medical, Inc. (NYSE:GMED) by 3.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,926 shares of the medical device company’s stock after acquiring an additional 241 shares during the quarter. M&T Bank Corp’s holdings in Globus Medical were worth $496,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in GMED. Sanctuary Advisors LLC purchased a new stake in shares of Globus Medical in the second quarter valued at $611,000. Quest Partners LLC acquired a new position in Globus Medical during the third quarter valued at $523,000. Intech Investment Management LLC lifted its stake in Globus Medical by 291.3% in the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock worth $1,469,000 after acquiring an additional 15,283 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Globus Medical in the 3rd quarter worth about $2,709,000. Finally, AXA S.A. boosted its position in Globus Medical by 0.5% during the 2nd quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after acquiring an additional 7,443 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insider Buying and Selling

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This trade represents a 5.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold 97,500 shares of company stock worth $7,674,950 in the last quarter. 18.54% of the stock is currently owned by company insiders.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $83.42 on Wednesday. The stock has a market capitalization of $11.36 billion, a P/E ratio of 124.51, a P/E/G ratio of 1.99 and a beta of 1.19. The business has a 50-day moving average of $79.31 and a two-hundred day moving average of $73.10. Globus Medical, Inc. has a fifty-two week low of $49.14 and a fifty-two week high of $87.22.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter in the prior year, the business earned $0.57 earnings per share. The company’s revenue was up 63.1% on a year-over-year basis. As a group, research analysts expect that Globus Medical, Inc. will post 2.97 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GMED. Bank of America increased their price target on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday, November 6th. BTIG Research increased their target price on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Royal Bank of Canada increased their price objective on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Finally, Roth Mkm boosted their target price on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $93.55.

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.