Summitry LLC Increases Holdings in Globus Medical, Inc. $GMED

Summitry LLC grew its stake in Globus Medical, Inc. (NYSE:GMED) by 40.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 5,819 shares of the medical device company’s stock after purchasing an additional 1,673 shares during the period. Summitry LLC’s holdings in Globus Medical were worth $343,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Larson Financial Group LLC lifted its stake in shares of Globus Medical by 1,007.7% during the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock worth $32,000 after acquiring an additional 393 shares during the last quarter. CENTRAL TRUST Co bought a new position in shares of Globus Medical during the second quarter valued at approximately $39,000. Whittier Trust Co. boosted its position in Globus Medical by 46.5% during 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 in the last quarter. Caitong International Asset Management Co. Ltd grew its stake 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 purchasing an additional 383 shares during the last quarter. Finally, Signaturefd LLC raised its stake in shares of Globus Medical by 41.1% during 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. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Stock Up 0.4%

NYSE:GMED opened at $84.34 on Friday. The stock’s fifty day moving average is $62.30 and its two-hundred day moving average is $60.37. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $94.93. The company has a market capitalization of $11.39 billion, a P/E ratio of 32.44, a P/E/G ratio of 1.68 and a beta of 1.15.

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

Insider Activity at Globus Medical

In related news, Director Stephen T. Zarrilli sold 25,000 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $84.29, for a total value of $2,107,250.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David D. Davidar sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $86.00, for a total value of $2,150,000.00. Following the transaction, the director owned 516,275 shares of the company’s stock, valued at $44,399,650. This trade represents a 4.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 70,000 shares of company stock worth $5,659,850. 18.51% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

GMED has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price target on Globus Medical from $66.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Wall Street Zen upgraded Globus Medical from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Bank of America upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and boosted their target price for the company from $65.00 to $91.00 in a research note on Friday, November 7th. Canaccord Genuity Group cut their price objective on Globus Medical from $97.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, July 22nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Globus Medical in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and a consensus target price of $88.82.

Globus Medical 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.