IHT Wealth Management LLC Acquires New Position in Globus Medical, Inc. (NYSE:GMED)

IHT Wealth Management LLC bought a new position in Globus Medical, Inc. (NYSE:GMED – Get Rating) during the third quarter, Holdings Channel.com reports. The institutional investor bought 9,528 shares of the medical device company’s stock, valued at approximately $568,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bridgewater Associates LP lifted its position in Globus Medical by 10.3% during the second quarter. Bridgewater Associates LP now owns 125,220 shares of the medical device company’s stock worth $7,030,000 after buying an additional 11,734 shares in the last quarter. Azimuth Capital Investment Management LLC acquired a new position in shares of Globus Medical during the 2nd quarter valued at about $214,000. Synovus Financial Corp grew its holdings in shares of Globus Medical by 12.9% in the third quarter. Synovus Financial Corp now owns 13,860 shares of the medical device company’s stock valued at $825,000 after purchasing an additional 1,589 shares during the period. California Public Employees Retirement System increased its position in Globus Medical by 18.8% during the third quarter. California Public Employees Retirement System now owns 183,282 shares of the medical device company’s stock worth $10,918,000 after purchasing an additional 29,043 shares during the last quarter. Finally, Global Alpha Capital Management Ltd. raised its stake in Globus Medical by 33.7% during the third quarter. Global Alpha Capital Management Ltd. now owns 343,841 shares of the medical device company’s stock worth $20,483,000 after purchasing an additional 86,710 shares during the period. 74.23% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Keith W. Pfeil sold 29,167 shares of Globus Medical stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $77.57, for a total value of $2,262,484.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 24.41% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on GMED shares. Piper Sandler downgraded shares of Globus Medical from an “overweight” rating to a “neutral” rating in a report on Thursday, February 9th. Needham & Company LLC cut Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, February 10th. Morgan Stanley boosted their price objective on shares of Globus Medical from $68.00 to $78.00 and gave the company an “equal weight” rating in a report on Friday, January 6th. BTIG Research lowered shares of Globus Medical from a “buy” rating to a “neutral” rating in a research note on Thursday, February 9th. Finally, StockNews.com raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Saturday, March 11th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $70.91.

Globus Medical Stock Performance

Shares of GMED stock opened at $51.83 on Friday. Globus Medical, Inc. has a fifty-two week low of $50.92 and a fifty-two week high of $81.78. The company has a 50 day moving average price of $65.65 and a 200 day moving average price of $66.17. The stock has a market capitalization of $5.20 billion, a P/E ratio of 27.87, a price-to-earnings-growth ratio of 1.80 and a beta of 1.05.

Globus Medical (NYSE:GMED – Get Rating) last posted its quarterly earnings results on Tuesday, February 21st. The medical device company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.55 by $0.04. The business had revenue of $274.50 million during the quarter, compared to the consensus estimate of $276.40 million. Globus Medical had a net margin of 18.59% and a return on equity of 11.93%. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.49 earnings per share. On average, research analysts forecast that Globus Medical, Inc. will post 2.3 EPS for the current fiscal year.

Globus Medical Company Profile

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Globus Medical, Inc operates as a medical device company that develops and commercializes healthcare solutions. The firm engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.