Geneva Capital Management LLC Purchases 217,707 Shares of Globus Medical, Inc. (NYSE:GMED)

Geneva Capital Management LLC lifted its position in shares of Globus Medical, Inc. (NYSE:GMED) by 13.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,815,837 shares of the medical device company’s stock after purchasing an additional 217,707 shares during the quarter. Globus Medical makes up about 2.6% of Geneva Capital Management LLC’s investment portfolio, making the stock its 9th largest position. Geneva Capital Management LLC owned 1.33% of Globus Medical worth $150,188,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. State Street Corp grew its holdings in shares of Globus Medical by 2.3% during the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after purchasing an additional 81,371 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Globus Medical by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after purchasing an additional 21,935 shares in the last quarter. Parsifal Capital Management LP grew its holdings in shares of Globus Medical by 50.5% during the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after purchasing an additional 453,053 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Globus Medical by 29.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,238,603 shares of the medical device company’s stock worth $88,610,000 after purchasing an additional 285,172 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Globus Medical in the 4th quarter valued at $58,405,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Friday, February 21st. Wells Fargo & Company decreased their price target on Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Piper Sandler boosted their price target on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Finally, Roth Mkm boosted 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. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Globus Medical presently has an average rating of “Moderate Buy” and an average price target of $97.82.

Globus Medical Stock Up 0.9 %

GMED stock opened at $78.81 on Thursday. The company has a market cap of $10.84 billion, a P/E ratio of 105.08, a PEG ratio of 1.61 and a beta of 1.19. Globus Medical, Inc. has a twelve month low of $49.33 and a twelve month high of $94.93. The business has a fifty day moving average of $86.18 and a 200-day moving average of $79.60.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. As a group, equities research analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Insider Transactions at Globus Medical

In other 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 18.54% of the stock is currently owned by corporate insiders.

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.