Edgestream Partners L.P. Buys Shares of 21,538 Globus Medical, Inc. (NYSE:GMED)

Edgestream Partners L.P. purchased a new position in Globus Medical, Inc. (NYSE:GMED) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 21,538 shares of the medical device company’s stock, valued at approximately $1,541,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in GMED. Swedbank AB grew its position in Globus Medical by 15.4% in the second quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after acquiring an additional 50,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its position in shares of Globus Medical by 17.9% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock valued at $77,852,000 after purchasing an additional 172,605 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Globus Medical during the 2nd quarter valued at about $611,000. Quest Partners LLC purchased a new position in shares of Globus Medical during the 3rd quarter valued at about $523,000. Finally, Intech Investment Management LLC lifted its position 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 buying an additional 15,283 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insider Buying and Selling at Globus Medical

In other news, CEO Daniel T. Scavilla sold 60,000 shares of the business’s 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 25.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 110,000 shares of company stock valued at $8,512,850. 18.54% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on GMED shares. Bank of America lifted their price target on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday, November 6th. BTIG Research boosted their price target on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. StockNews.com cut Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group increased their target price on Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $89.73.

Globus Medical Trading Up 1.4 %

NYSE:GMED opened at $85.10 on Wednesday. Globus Medical, Inc. has a 12 month low of $44.02 and a 12 month high of $87.22. The company has a 50-day moving average price of $76.80 and a 200-day moving average price of $71.92. The stock has a market cap of $11.59 billion, a price-to-earnings ratio of 127.01, a P/E/G ratio of 2.00 and a beta of 1.19.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 EPS. Equities analysts forecast that Globus Medical, Inc. will post 2.98 EPS for the current fiscal 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.