Envestnet Asset Management Inc. increased its stake in Globus Medical, Inc. (NYSE:GMED – Get Rating) by 8.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 192,936 shares of the medical device company's stock after purchasing an additional 14,671 shares during the period. Envestnet Asset Management Inc. owned approximately 0.19% of Globus Medical worth $14,235,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently modified their holdings of GMED. Tyler Stone Wealth Management acquired a new position in shares of Globus Medical in the fourth quarter worth approximately $25,000. Signaturefd LLC lifted its stake in shares of Globus Medical by 93.8% in the first quarter. Signaturefd LLC now owns 345 shares of the medical device company's stock worth $25,000 after acquiring an additional 167 shares during the period. Covestor Ltd acquired a new position in shares of Globus Medical in the fourth quarter worth approximately $30,000. Spire Wealth Management lifted its stake in shares of Globus Medical by 183.5% in the first quarter. Spire Wealth Management now owns 499 shares of the medical device company's stock worth $37,000 after acquiring an additional 323 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of Globus Medical by 60.2% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 535 shares of the medical device company's stock worth $39,000 after acquiring an additional 201 shares during the period. Institutional investors own 67.19% of the company's stock.
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GMED has been the topic of a number of recent analyst reports. Morgan Stanley cut their price objective on Globus Medical from $68.00 to $62.00 and set an "equal weight" rating on the stock in a research note on Friday, July 15th. Truist Financial lowered their target price on Globus Medical from $76.00 to $71.00 and set a "buy" rating for the company in a report on Wednesday, July 20th. Wells Fargo & Company lowered their target price on Globus Medical from $80.00 to $70.00 in a report on Wednesday, May 11th. Piper Sandler lowered their target price on Globus Medical from $80.00 to $75.00 and set an "overweight" rating for the company in a report on Friday. Finally, Canaccord Genuity Group lowered their target price on Globus Medical from $80.00 to $75.00 in a report on Wednesday, May 11th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $78.00.
Globus Medical Stock Performance
Shares of NYSE GMED opened at $62.93 on Friday. The stock has a market cap of $6.40 billion, a price-to-earnings ratio of 46.27, a PEG ratio of 2.85 and a beta of 1.13. Globus Medical, Inc. has a fifty-two week low of $52.60 and a fifty-two week high of $84.23. The firm's 50-day simple moving average is $58.56 and its 200 day simple moving average is $65.46.Globus Medical (NYSE:GMED – Get Rating) last posted its earnings results on Tuesday, May 10th. The medical device company reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.46 by ($0.04). Globus Medical had a net margin of 14.77% and a return on equity of 11.95%. The company had revenue of $230.55 million during the quarter, compared to the consensus estimate of $232.88 million. During the same quarter in the prior year, the business earned $0.49 EPS. The firm's revenue for the quarter was up 1.4% compared to the same quarter last year. On average, sell-side analysts predict that Globus Medical, Inc. will post 2.1 EPS for the current year.
Globus Medical Company Profile
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Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. It offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative, deformity, tumors, and trauma conditions; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional pain management solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.
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