Choreo LLC Purchases 716 Shares of Globus Medical, Inc. (NYSE:GMED)

Choreo LLC raised its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 8.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 9,284 shares of the medical device company’s stock after buying an additional 716 shares during the period. Choreo LLC’s holdings in Globus Medical were worth $768,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. ArrowMark Colorado Holdings LLC bought a new stake in Globus Medical during the 3rd quarter valued at approximately $43,947,000. Lord Abbett & CO. LLC purchased a new stake in Globus Medical during the 3rd quarter valued at approximately $37,948,000. Parsifal Capital Management LP raised its position in shares of Globus Medical by 50.5% during the third quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock valued at $96,619,000 after buying an additional 453,053 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of Globus Medical in the third quarter worth $26,406,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Globus Medical by 29.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,238,603 shares of the medical device company’s stock worth $88,610,000 after acquiring an additional 285,172 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GMED. Canaccord Genuity Group lifted their price target on shares of Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a report on Friday, January 10th. Stifel Nicolaus lifted their target price on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Roth Mkm increased their price target on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Finally, BTIG Research upped their price objective on Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and an average target price of $96.91.

Insider Activity

In related news, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kelly Huller sold 2,500 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Globus Medical Stock Performance

NYSE:GMED opened at $87.60 on Monday. The stock’s fifty day moving average is $86.56 and its 200 day moving average is $78.16. The firm has a market capitalization of $11.93 billion, a PE ratio of 130.75, a PEG ratio of 1.68 and a beta of 1.19. Globus Medical, Inc. has a fifty-two week low of $49.33 and a fifty-two week high of $94.93.

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.