Oppenheimer Asset Management Inc. Increases Stake in Globus Medical, Inc. $GMED

Oppenheimer Asset Management Inc. raised its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 14.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,832 shares of the medical device company’s stock after buying an additional 3,735 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Globus Medical were worth $1,761,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Invesco Ltd. boosted its position in Globus Medical by 331.9% during the first quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company’s stock worth $147,949,000 after acquiring an additional 1,553,154 shares during the last quarter. Nuveen LLC purchased a new position in Globus Medical in the 1st quarter worth approximately $54,669,000. Truist Financial Corp lifted its stake in Globus Medical by 640.7% in the 1st quarter. Truist Financial Corp now owns 508,318 shares of the medical device company’s stock worth $37,209,000 after purchasing an additional 439,693 shares in the last quarter. Driehaus Capital Management LLC boosted its holdings in shares of Globus Medical by 60.1% during the 1st quarter. Driehaus Capital Management LLC now owns 873,784 shares of the medical device company’s stock worth $63,961,000 after purchasing an additional 328,040 shares during the last quarter. Finally, Fiera Capital Corp purchased a new stake in shares of Globus Medical in the first quarter valued at approximately $19,514,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GMED. Morgan Stanley reduced their price objective on Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 15th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Stifel Nicolaus initiated coverage on shares of Globus Medical in a report on Tuesday. They issued a “hold” rating and a $64.00 price objective for the company. Royal Bank Of Canada set a $88.00 price objective on shares of Globus Medical in a research report on Friday, October 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Globus Medical in a report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $84.55.

Insider Activity

In related news, Director Ann D. Rhoads sold 10,000 shares of the firm’s stock in a transaction dated 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 transaction, the director directly owned 25,384 shares in the company, valued at $1,483,948.64. This trade represents a 28.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 18.51% of the company’s stock.

Globus Medical Stock Performance

Shares of GMED stock opened at $60.73 on Friday. The firm has a market cap of $8.20 billion, a P/E ratio of 23.36, a P/E/G ratio of 1.68 and a beta of 1.12. The firm’s 50 day moving average price is $59.41 and its 200-day moving average price is $60.27. Globus Medical, Inc. has a one year low of $51.79 and a one year high of $94.93.

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

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.