Sector Gamma AS Boosts Holdings in Globus Medical, Inc. (NYSE:GMED)

Sector Gamma AS grew its position in Globus Medical, Inc. (NYSE:GMED) by 5.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 234,374 shares of the medical device company’s stock after buying an additional 12,547 shares during the period. Globus Medical accounts for approximately 3.0% of Sector Gamma AS’s investment portfolio, making the stock its 16th largest position. Sector Gamma AS owned 0.17% of Globus Medical worth $12,490,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in GMED. Vanguard Group Inc. grew its stake in shares of Globus Medical by 49.7% in the 3rd quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock valued at $558,339,000 after buying an additional 3,732,959 shares during the period. Paradice Investment Management LLC acquired a new position in shares of Globus Medical in the 3rd quarter worth approximately $55,053,000. Bank of New York Mellon Corp lifted its holdings in shares of Globus Medical by 80.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,406,682 shares of the medical device company’s stock worth $119,492,000 after acquiring an additional 1,069,419 shares during the last quarter. Nuance Investments LLC lifted its holdings in shares of Globus Medical by 36.8% in the 3rd quarter. Nuance Investments LLC now owns 3,620,518 shares of the medical device company’s stock worth $179,759,000 after acquiring an additional 974,693 shares during the last quarter. Finally, Burgundy Asset Management Ltd. lifted its holdings in shares of Globus Medical by 300.4% in the 3rd quarter. Burgundy Asset Management Ltd. now owns 1,033,770 shares of the medical device company’s stock worth $51,327,000 after acquiring an additional 775,615 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

GMED traded up $0.18 during trading on Friday, hitting $50.55. 545,156 shares of the stock were exchanged, compared to its average volume of 891,173. The firm has a market capitalization of $6.84 billion, a P/E ratio of 43.21, a PEG ratio of 1.48 and a beta of 1.08. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $62.88. The stock has a fifty day moving average price of $53.00 and a two-hundred day moving average price of $51.33. The company has a quick ratio of 2.72, a current ratio of 4.88 and a debt-to-equity ratio of 0.10.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, February 20th. The medical device company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.59 by $0.01. The company had revenue of $616.53 million for the quarter, compared to analyst estimates of $608.21 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The firm’s revenue was up 124.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.59 earnings per share. As a group, sell-side analysts predict that Globus Medical, Inc. will post 2.69 earnings per share for the current year.

Insider Activity

In other news, Director Leslie V. Norwalk sold 10,590 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the transaction, the director now owns 17,419 shares of the company’s stock, valued at $905,613.81. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 24.30% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on GMED. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 price objective on shares of Globus Medical in a report on Thursday, January 11th. BTIG Research upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Monday, March 18th. Stifel Nicolaus increased their target price on shares of Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Finally, Truist Financial increased their target price on shares of Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.33.

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.