Globus Medical, Inc. $GMED Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its stake in Globus Medical, Inc. (NYSE:GMED) by 1,501.4% in the 2nd quarter, Holdings Channel.com reports. The fund owned 164,382 shares of the medical device company’s stock after acquiring an additional 154,117 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Globus Medical were worth $9,896,000 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. Vanguard Group Inc. increased its stake in shares of Globus Medical by 0.4% during the first quarter. Vanguard Group Inc. now owns 10,909,082 shares of the medical device company’s stock worth $798,545,000 after purchasing an additional 45,248 shares in the last quarter. Burgundy Asset Management Ltd. boosted its holdings in Globus Medical by 7.0% in the 1st quarter. Burgundy Asset Management Ltd. now owns 2,801,747 shares of the medical device company’s stock worth $205,088,000 after buying an additional 183,639 shares during the last quarter. Sculptor Capital LP increased its stake in Globus Medical by 0.7% during the 1st quarter. Sculptor Capital LP now owns 2,092,838 shares of the medical device company’s stock worth $153,196,000 after buying an additional 15,000 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Globus Medical by 331.9% during the first quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company’s stock valued at $147,949,000 after acquiring an additional 1,553,154 shares during the last quarter. Finally, Geneva Capital Management LLC raised its holdings in shares of Globus Medical by 1.0% during the first quarter. Geneva Capital Management LLC now owns 1,833,647 shares of the medical device company’s stock valued at $134,223,000 after acquiring an additional 17,810 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Trading Up 1.8%

Shares of GMED stock opened at $59.61 on Friday. Globus Medical, Inc. has a twelve month low of $51.79 and a twelve month high of $94.93. The company’s 50-day moving average price is $59.15 and its 200-day moving average price is $60.83. The stock has a market cap of $8.05 billion, a price-to-earnings ratio of 22.93, a PEG ratio of 1.63 and a beta of 1.12.

Globus Medical (NYSE:GMED) last issued its earnings results on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.10. The company had revenue of $745.34 million for the quarter, compared to the consensus estimate of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. Globus Medical’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.75 earnings per share. As a group, equities research analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on GMED shares. Canaccord Genuity Group lowered their price target on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, July 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Monday, July 21st. Wells Fargo & Company reduced their target price on shares of Globus Medical from $76.00 to $66.00 and set an “overweight” rating for the company in a research report on Friday, August 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Globus Medical in a research note on Wednesday, October 8th. Finally, Morgan Stanley dropped their price objective on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating for the company in a research note on Tuesday, July 15th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $87.27.

Insiders Place Their Bets

In other Globus Medical news, Director Ann D. Rhoads sold 10,000 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $58.46, for a total transaction of $584,600.00. Following the completion of the sale, the director owned 25,384 shares of the company’s stock, valued at $1,483,948.64. This trade represents a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 18.51% of the company’s stock.

About Globus Medical

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.