Summit Investment Advisors Inc. Has $3.08 Million Stock Position in Globus Medical, Inc. $GMED

Summit Investment Advisors Inc. lessened its position in shares of Globus Medical, Inc. (NYSE:GMED) by 1.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 42,108 shares of the medical device company’s stock after selling 773 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Globus Medical were worth $3,082,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Larson Financial Group LLC boosted its stake in shares of Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock valued at $32,000 after purchasing an additional 393 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in Globus Medical by 202.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company’s stock valued at $42,000 after buying an additional 383 shares during the period. Whittier Trust Co. boosted its position in Globus Medical by 46.5% during the first 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 last quarter. Jones Financial Companies Lllp grew its holdings in Globus Medical by 237.3% during the 1st quarter. Jones Financial Companies Lllp now owns 850 shares of the medical device company’s stock worth $62,000 after acquiring an additional 598 shares during the period. Finally, Signaturefd LLC raised its position in shares of 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 in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on GMED. Morgan Stanley cut their target price on Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 15th. Wall Street Zen raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Saturday. Truist Financial upgraded shares of Globus Medical from a “hold” rating to a “buy” rating and lifted their price objective for the company from $65.00 to $93.00 in a research note on Friday. Canaccord Genuity Group cut their target price on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, July 22nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and a consensus target price of $87.82.

Globus Medical Stock Up 36.1%

Shares of NYSE:GMED opened at $83.99 on Friday. The business’s 50 day moving average is $59.83 and its 200 day moving average is $59.94. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $94.93. The stock has a market cap of $11.34 billion, a price-to-earnings ratio of 32.31, a PEG ratio of 1.68 and a beta of 1.15.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Thursday, November 6th. The medical device company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.39. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The business had revenue of $769.05 million for the quarter, compared to analysts’ expectations of $734.58 million. During the same period last year, the business earned $0.83 EPS. The business’s revenue was up 22.9% on a year-over-year basis. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. As a group, equities research analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Insiders Place Their Bets

In other 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 transaction of $584,600.00. Following the completion of the transaction, the director directly owned 25,384 shares of the company’s stock, valued at $1,483,948.64. This 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. Insiders own 18.51% of the company’s stock.

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.