First Light Asset Management LLC grew its holdings in Globus Medical Inc (NYSE:GMED) by 1.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 179,264 shares of the medical device company’s stock after acquiring an additional 2,807 shares during the period. Globus Medical accounts for 2.0% of First Light Asset Management LLC’s portfolio, making the stock its 18th largest holding. First Light Asset Management LLC’s holdings in Globus Medical were worth $8,931,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in GMED. Moneta Group Investment Advisors LLC bought a new stake in shares of Globus Medical during the 1st quarter valued at $106,000. Thompson Davis & CO. Inc. raised its position in shares of Globus Medical by 1,820.0% during the 1st quarter. Thompson Davis & CO. Inc. now owns 2,400 shares of the medical device company’s stock valued at $120,000 after purchasing an additional 2,275 shares during the period. C M Bidwell & Associates Ltd. bought a new stake in shares of Globus Medical during the 1st quarter valued at $126,000. Smithfield Trust Co. raised its position in shares of Globus Medical by 3,711.1% during the 1st quarter. Smithfield Trust Co. now owns 3,430 shares of the medical device company’s stock valued at $171,000 after purchasing an additional 3,340 shares during the period. Finally, Sciencast Management LP bought a new stake in shares of Globus Medical during the 1st quarter valued at $202,000. Institutional investors and hedge funds own 62.59% of the company’s stock.
In related news, President Anthony L. Williams sold 121,667 shares of the firm’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $56.14, for a total transaction of $6,830,385.38. Following the completion of the transaction, the president now directly owns 10,000 shares of the company’s stock, valued at $561,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Steven Payne sold 20,771 shares of the firm’s stock in a transaction on Thursday, May 31st. The shares were sold at an average price of $55.81, for a total transaction of $1,159,229.51. The disclosure for this sale can be found here. Insiders have sold 2,018,442 shares of company stock valued at $104,798,942 over the last ninety days. 28.44% of the stock is currently owned by corporate insiders.
Several brokerages have recently commented on GMED. Needham & Company LLC raised their price objective on shares of Globus Medical from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, May 3rd. Oppenheimer set a $52.00 price objective on shares of Globus Medical and gave the company a “hold” rating in a research report on Thursday, May 3rd. Cantor Fitzgerald began coverage on shares of Globus Medical in a research report on Thursday, May 31st. They set an “overweight” rating and a $65.00 price objective on the stock. ValuEngine upgraded shares of Globus Medical from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 26th. Finally, Leerink Swann raised their price objective on shares of Globus Medical from $60.00 to $61.00 and gave the company an “outperform” rating in a research report on Wednesday, May 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $53.00.
Globus Medical opened at $56.27 on Thursday, according to Marketbeat. The firm has a market cap of $5.48 billion, a P/E ratio of 42.95, a P/E/G ratio of 3.01 and a beta of 0.45. Globus Medical Inc has a fifty-two week low of $27.79 and a fifty-two week high of $57.55.
Globus Medical (NYSE:GMED) last posted its earnings results on Wednesday, May 2nd. The medical device company reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.05. The company had revenue of $174.41 million during the quarter, compared to analysts’ expectations of $167.95 million. Globus Medical had a net margin of 18.05% and a return on equity of 14.51%. Globus Medical’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period last year, the company posted $0.32 earnings per share. equities analysts predict that Globus Medical Inc will post 1.52 EPS for the current fiscal year.
About Globus Medical
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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