Vestcor Inc Has $1.33 Million Stake in Globus Medical, Inc. (NYSE:GMED)

Vestcor Inc increased its position in Globus Medical, Inc. (NYSE:GMED) by 840.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,084 shares of the medical device company’s stock after purchasing an additional 14,373 shares during the period. Vestcor Inc’s holdings in Globus Medical were worth $1,330,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. SBI Securities Co. Ltd. bought a new stake in Globus Medical during the 4th quarter worth approximately $27,000. Quarry LP raised its position in Globus Medical by 698.4% in the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after buying an additional 433 shares during the last quarter. UMB Bank n.a. lifted its stake in Globus Medical by 60.2% during the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock valued at $45,000 after acquiring an additional 206 shares in the last quarter. V Square Quantitative Management LLC boosted its holdings in Globus Medical by 52.0% during the 4th quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock worth $48,000 after acquiring an additional 197 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its stake in shares of Globus Medical by 24.7% in the 4th quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock worth $55,000 after acquiring an additional 132 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analysts Set New Price Targets

GMED has been the topic of a number of recent analyst reports. Canaccord Genuity Group raised their price target on shares of Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Truist Financial boosted their target price on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Bank of America raised Globus Medical from an “underperform” rating to a “neutral” rating and increased their price target for the company from $80.00 to $97.00 in a research report on Thursday, January 9th. BTIG Research boosted their price objective on Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Finally, StockNews.com raised Globus Medical from a “hold” rating to a “buy” rating in a research report on Thursday. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $97.82.

Globus Medical Stock Up 2.2 %

GMED opened at $71.21 on Friday. Globus Medical, Inc. has a twelve month low of $49.33 and a twelve month high of $94.93. The company has a market capitalization of $9.79 billion, a price-to-earnings ratio of 94.94, a PEG ratio of 1.61 and a beta of 1.19. The firm has a 50-day moving average price of $84.86 and a 200-day moving average price of $79.74.

Globus Medical (NYSE:GMED) last posted its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The business had revenue of $657.29 million during the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. On average, sell-side analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 18.54% of the stock is currently owned by company insiders.

Globus Medical Company 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.