Investment Counsel Co. of Nevada Makes New Investment in Globus Medical, Inc. (NYSE:GMED)

Investment Counsel Co. of Nevada acquired a new position in Globus Medical, Inc. (NYSE:GMED) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,000 shares of the medical device company’s stock, valued at approximately $83,000. Globus Medical accounts for approximately 0.2% of Investment Counsel Co. of Nevada’s holdings, making the stock its 27th biggest holding.

A number of other large investors have also recently made changes to their positions in the stock. FMR LLC boosted its holdings in Globus Medical by 338.4% in the 3rd quarter. FMR LLC now owns 38,723 shares of the medical device company’s stock worth $2,770,000 after buying an additional 29,890 shares during the period. Quantinno Capital Management LP boosted its stake in shares of Globus Medical by 18.5% in the third quarter. Quantinno Capital Management LP now owns 3,889 shares of the medical device company’s stock worth $278,000 after acquiring an additional 606 shares during the period. Stifel Financial Corp grew its position in shares of Globus Medical by 0.6% during the third quarter. Stifel Financial Corp now owns 52,835 shares of the medical device company’s stock worth $3,780,000 after purchasing an additional 306 shares in the last quarter. M&T Bank Corp grew its position in shares of Globus Medical by 3.6% during the third quarter. M&T Bank Corp now owns 6,926 shares of the medical device company’s stock worth $496,000 after purchasing an additional 241 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Globus Medical by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock valued at $134,893,000 after purchasing an additional 21,935 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on GMED shares. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $80.00 to $97.00 in a report on Thursday, January 9th. Roth Mkm lifted their price target on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Canaccord Genuity Group increased their price objective on shares of Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a report on Friday, January 10th. Stifel Nicolaus lifted their target price on Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, Wells Fargo & Company decreased their target price on Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Stock Performance

NYSE:GMED opened at $72.75 on Monday. The stock’s fifty day moving average is $77.20 and its 200 day moving average is $80.07. The firm has a market capitalization of $10.01 billion, a PE ratio of 97.00, a PEG ratio of 1.61 and a beta of 1.28. Globus Medical, Inc. has a fifty-two week low of $49.33 and a fifty-two week high of $94.93.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The firm had revenue of $657.29 million during the quarter, compared to analysts’ expectations of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. Equities analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current 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.