85,500 Shares in Globus Medical, Inc. (NYSE:GMED) Purchased by Leith Wheeler Investment Counsel Ltd.

Leith Wheeler Investment Counsel Ltd. bought a new stake in Globus Medical, Inc. (NYSE:GMED) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 85,500 shares of the medical device company’s stock, valued at approximately $4,586,000. Leith Wheeler Investment Counsel Ltd. owned about 0.06% of Globus Medical at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in GMED. Vanguard Group Inc. raised its holdings in Globus Medical by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock valued at $600,990,000 after buying an additional 32,220 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Globus Medical by 3.8% in the 1st quarter. Bank of New York Mellon Corp now owns 3,016,702 shares of the medical device company’s stock valued at $161,816,000 after acquiring an additional 110,912 shares during the period. Wellington Management Group LLP raised its stake in shares of Globus Medical by 9.5% in the 4th quarter. Wellington Management Group LLP now owns 2,912,454 shares of the medical device company’s stock valued at $155,205,000 after acquiring an additional 252,510 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Globus Medical by 12.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,131,868 shares of the medical device company’s stock worth $105,847,000 after acquiring an additional 231,773 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Globus Medical during the 4th quarter worth approximately $95,537,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Piper Sandler upgraded Globus Medical from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $60.00 to $80.00 in a research report on Monday, May 20th. Stifel Nicolaus lifted their target price on Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Wednesday, May 8th. BTIG Research lifted their price objective on shares of Globus Medical from $63.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, May 29th. Finally, Barclays upped their target price on shares of Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, May 9th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $69.40.

Insider Buying and Selling at Globus Medical

In related news, Director David D. Davidar sold 20,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $65.00, for a total value of $1,300,000.00. Following the completion of the sale, the director now directly owns 566,275 shares of the company’s stock, valued at $36,807,875. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director David D. Davidar sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $65.00, for a total transaction of $1,300,000.00. Following the transaction, the director now owns 566,275 shares in the company, valued at approximately $36,807,875. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dan Lemaitre sold 63,300 shares of Globus Medical stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by insiders.

Globus Medical Price Performance

Shares of Globus Medical stock traded up $0.14 during trading on Friday, hitting $70.89. 142,644 shares of the stock were exchanged, compared to its average volume of 1,091,173. The stock has a market cap of $9.60 billion, a price-to-earnings ratio of 110.60, a price-to-earnings-growth ratio of 1.93 and a beta of 1.15. The firm’s 50-day moving average price is $65.58 and its 200 day moving average price is $57.50. Globus Medical, Inc. has a 12-month low of $43.38 and a 12-month high of $71.23.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.17. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The business had revenue of $606.67 million during the quarter, compared to analysts’ expectations of $586.82 million. During the same period in the prior year, the firm posted $0.53 EPS. The business’s quarterly revenue was up 119.3% compared to the same quarter last year. As a group, research analysts forecast that Globus Medical, Inc. will post 2.82 earnings per share for the current year.

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.