Johnson Investment Counsel Inc. Purchases 304 Shares of Globus Medical, Inc. $GMED

Johnson Investment Counsel Inc. increased its holdings in Globus Medical, Inc. (NYSE:GMED) by 9.1% during the 2nd quarter, Holdings Channel reports. The firm owned 3,645 shares of the medical device company’s stock after buying an additional 304 shares during the period. Johnson Investment Counsel Inc.’s holdings in Globus Medical were worth $215,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Globus Medical by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 10,909,082 shares of the medical device company’s stock worth $798,545,000 after acquiring an additional 45,248 shares during the period. Burgundy Asset Management Ltd. raised its position in shares of 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 purchasing an additional 183,639 shares during the last quarter. Sculptor Capital LP raised its holdings in Globus Medical by 0.7% in the first 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 during the last quarter. Invesco Ltd. lifted its position in Globus Medical by 331.9% in the 1st 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 in the last quarter. Finally, Geneva Capital Management LLC lifted 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 purchasing an additional 17,810 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on GMED shares. Canaccord Genuity Group reduced their price target on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, July 22nd. Royal Bank Of Canada set a $88.00 target price on shares of Globus Medical in a research report on Friday, October 10th. Wall Street Zen lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Morgan Stanley dropped their price target on Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Globus Medical in a research report on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $87.27.

Insider Activity

In related news, Director Ann D. Rhoads sold 10,000 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the completion of the sale, the director directly owned 25,384 shares of the company’s stock, valued at approximately $1,483,948.64. This represents a 28.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 18.51% of the company’s stock.

Globus Medical Price Performance

Shares of GMED stock opened at $58.57 on Friday. The company has a market cap of $7.91 billion, a price-to-earnings ratio of 22.53, a PEG ratio of 1.60 and a beta of 1.12. Globus Medical, Inc. has a 1 year low of $51.79 and a 1 year high of $94.93. The firm has a fifty day moving average price of $59.14 and a 200-day moving average price of $61.02.

Globus Medical (NYSE:GMED) last released 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 return on equity of 10.65% and a net margin of 13.58%.The company had revenue of $745.34 million for the quarter, compared to the consensus estimate of $738.91 million. During the same period in the previous year, the business earned $0.75 earnings per share. Globus Medical’s quarterly revenue was up 18.4% compared to the same quarter last year. Equities research analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current year.

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.