Allspring Global Investments Holdings LLC Raises Holdings in Globus Medical, Inc. $GMED

Allspring Global Investments Holdings LLC lifted its stake in Globus Medical, Inc. (NYSE:GMED) by 1,501.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 164,382 shares of the medical device company’s stock after purchasing an additional 154,117 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.12% of Globus Medical worth $9,896,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of GMED. Farther Finance Advisors LLC increased its stake in Globus Medical by 145.5% during the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company’s stock valued at $30,000 after purchasing an additional 240 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of Globus Medical by 1,007.7% during the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock valued at $32,000 after buying an additional 393 shares during the last quarter. Whittier Trust Co. increased its position in shares of Globus Medical by 46.5% in the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock valued at $42,000 after acquiring an additional 184 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in Globus Medical by 202.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company’s stock worth $42,000 after acquiring an additional 383 shares during the last quarter. Finally, Signaturefd LLC raised its stake in Globus Medical by 41.1% in the 2nd quarter. Signaturefd LLC now owns 958 shares of the medical device company’s stock worth $57,000 after acquiring an additional 279 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GMED has been the topic of a number of research reports. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Royal Bank Of Canada set a $88.00 target price on Globus Medical in a research report on Friday, October 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Globus Medical in a research report on Wednesday, October 8th. Wells Fargo & Company decreased their price objective on shares of Globus Medical from $76.00 to $66.00 and set an “overweight” rating for the company in a research note on Friday, August 8th. Finally, Canaccord Genuity Group dropped their price objective on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, July 22nd. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $87.27.

Globus Medical Trading Up 1.8%

Globus Medical stock opened at $59.61 on Friday. The firm has a market cap of $8.05 billion, a PE ratio of 22.93, a P/E/G ratio of 1.63 and a beta of 1.12. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 month high of $94.93. The stock’s 50 day simple moving average is $59.15 and its two-hundred day simple moving average is $60.83.

Globus Medical (NYSE:GMED) last posted its earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) 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 analysts’ expectations of $738.91 million. During the same period in the previous year, the business posted $0.75 EPS. The business’s revenue was up 18.4% compared to the same quarter last year. On average, equities research analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current year.

Insider Activity

In other 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 sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 18.51% of the stock is currently owned by insiders.

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.