M&T Bank Corp increased its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 6.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,525 shares of the medical device company’s stock after buying an additional 537 shares during the quarter. M&T Bank Corp’s holdings in Globus Medical were worth $316,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of GMED. First Trust Advisors LP bought a new position in Globus Medical during the 1st quarter worth $229,000. UBS Asset Management Americas Inc. boosted its position in Globus Medical by 30.3% during the 1st quarter. UBS Asset Management Americas Inc. now owns 201,635 shares of the medical device company’s stock worth $5,972,000 after acquiring an additional 46,857 shares during the period. Karp Capital Management Corp acquired a new position in Globus Medical during the 1st quarter worth $435,000. Ameriprise Financial Inc. boosted its position in Globus Medical by 10.6% during the 1st quarter. Ameriprise Financial Inc. now owns 233,963 shares of the medical device company’s stock worth $6,945,000 after acquiring an additional 22,468 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new position in Globus Medical during the 1st quarter worth $421,000. Hedge funds and other institutional investors own 65.64% of the company’s stock.
A number of research analysts have issued reports on GMED shares. Gabelli reiterated a “buy” rating on shares of Globus Medical in a research report on Friday, August 4th. BidaskClub lowered Globus Medical from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 5th. Canaccord Genuity reiterated a “buy” rating and set a $37.00 price target on shares of Globus Medical in a research report on Friday, August 18th. BTIG Research started coverage on Globus Medical in a research report on Thursday, September 7th. They set a “buy” rating and a $37.00 price target for the company. Finally, Morgan Stanley reiterated an “equal weight” rating on shares of Globus Medical in a research report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $30.71.
In other news, insider A Brett Murphy sold 15,000 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $29.99, for a total value of $449,850.00. Following the transaction, the insider now directly owns 101,217 shares in the company, valued at approximately $3,035,497.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 28.21% of the stock is owned by company insiders.
Shares of Globus Medical, Inc. (NYSE:GMED) opened at 29.30 on Thursday. Globus Medical, Inc. has a one year low of $19.25 and a one year high of $34.03. The stock’s 50 day moving average price is $29.91 and its 200 day moving average price is $30.89. The stock has a market capitalization of $2.82 billion, a P/E ratio of 26.40 and a beta of 0.56.
Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.02. Globus Medical had a return on equity of 13.99% and a net margin of 18.12%. The business had revenue of $152.39 million for the quarter, compared to analyst estimates of $150.94 million. During the same period last year, the company earned $0.29 EPS. The firm’s revenue was up 10.8% on a year-over-year basis. On average, analysts forecast that Globus Medical, Inc. will post $1.26 EPS for the current year.
Globus Medical Profile
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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