Pembroke Management LTD decreased its holdings in Globus Medical Inc (NYSE:GMED) by 1.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 97,750 shares of the medical device company’s stock after selling 1,650 shares during the period. Pembroke Management LTD owned 0.10% of Globus Medical worth $5,548,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. UBS Group AG boosted its stake in Globus Medical by 13.6% during the first quarter. UBS Group AG now owns 42,051 shares of the medical device company’s stock valued at $2,095,000 after buying an additional 5,030 shares during the last quarter. LPL Financial LLC boosted its stake in Globus Medical by 8.4% during the first quarter. LPL Financial LLC now owns 30,442 shares of the medical device company’s stock valued at $1,517,000 after buying an additional 2,371 shares during the last quarter. Legal & General Group Plc boosted its stake in Globus Medical by 11.2% during the first quarter. Legal & General Group Plc now owns 71,530 shares of the medical device company’s stock valued at $3,563,000 after buying an additional 7,215 shares during the last quarter. Xact Kapitalforvaltning AB boosted its stake in Globus Medical by 51.0% during the first quarter. Xact Kapitalforvaltning AB now owns 10,960 shares of the medical device company’s stock valued at $546,000 after buying an additional 3,700 shares during the last quarter. Finally, CIBC World Markets Inc. bought a new position in Globus Medical during the first quarter valued at approximately $239,000. 63.98% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on the company. Morgan Stanley upped their price objective on Globus Medical from $60.00 to $64.00 and gave the company a “buy” rating in a research report on Tuesday, September 25th. Zacks Investment Research downgraded Globus Medical from a “buy” rating to a “hold” rating in a research report on Tuesday, July 31st. Needham & Company LLC upped their price objective on Globus Medical from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 2nd. Finally, Oppenheimer set a $57.00 price objective on Globus Medical and gave the company a “hold” rating in a research report on Thursday, August 2nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $54.73.
Shares of NYSE GMED opened at $52.36 on Tuesday. Globus Medical Inc has a fifty-two week low of $30.82 and a fifty-two week high of $57.55. The company has a market capitalization of $5.12 billion, a PE ratio of 39.97, a price-to-earnings-growth ratio of 2.67 and a beta of 0.63.
Globus Medical (NYSE:GMED) last released its quarterly earnings data on Wednesday, August 1st. The medical device company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.35 by $0.09. The company had revenue of $173.40 million for the quarter, compared to the consensus estimate of $168.03 million. Globus Medical had a return on equity of 15.14% and a net margin of 19.91%. Globus Medical’s quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the business posted $0.32 EPS. As a group, research analysts anticipate that Globus Medical Inc will post 1.55 EPS for the current year.
Globus Medical Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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