Adams Diversified Equity Fund Inc. acquired a new position in shares of Globus Medical, Inc. (NYSE:GMED) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 21,400 shares of the medical device company’s stock, valued at approximately $709,000.
Several other hedge funds have also bought and sold shares of the stock. Elkfork Partners LLC acquired a new stake in Globus Medical during the first quarter worth approximately $114,000. Victory Capital Management Inc. boosted its stake in shares of Globus Medical by 22.1% in the first quarter. Victory Capital Management Inc. now owns 4,590 shares of the medical device company’s stock valued at $136,000 after buying an additional 830 shares during the last quarter. Meadow Creek Investment Management LLC purchased a new stake in shares of Globus Medical during the first quarter valued at approximately $138,000. OppenheimerFunds Inc. purchased a new stake in shares of Globus Medical during the first quarter valued at approximately $200,000. Finally, LS Investment Advisors LLC boosted its stake in shares of Globus Medical by 19.3% in the second quarter. LS Investment Advisors LLC now owns 6,152 shares of the medical device company’s stock valued at $204,000 after buying an additional 995 shares during the last quarter. Institutional investors and hedge funds own 69.45% of the company’s stock.
Shares of Globus Medical, Inc. (NYSE GMED) opened at 29.59 on Monday. The firm’s 50-day moving average price is $32.60 and its 200 day moving average price is $30.04. The stock has a market cap of $2.85 billion, a P/E ratio of 26.66 and a beta of 0.60. Globus Medical, Inc. has a one year low of $19.25 and a one year high of $34.03.
Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.02. Globus Medical had a net margin of 18.12% and a return on equity of 13.99%. The firm had revenue of $152.39 million for the quarter, compared to analysts’ expectations of $150.94 million. During the same period last year, the firm earned $0.29 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. Equities research analysts expect that Globus Medical, Inc. will post $1.27 EPS for the current fiscal year.
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A number of equities analysts have weighed in on the company. Zacks Investment Research lowered Globus Medical from a “hold” rating to a “sell” rating in a research note on Friday. Gabelli reissued a “buy” rating on shares of Globus Medical in a research note on Friday. Barclays PLC reissued an “underweight” rating and set a $28.00 price objective (down previously from $30.00) on shares of Globus Medical in a research note on Thursday. Oppenheimer Holdings, Inc. set a $35.00 price objective on Globus Medical and gave the stock a “hold” rating in a research note on Thursday. Finally, BidaskClub lowered Globus Medical from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Three analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $30.43.
In other Globus Medical news, President Anthony L. Williams sold 16,153 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $31.94, for a total value of $515,926.82. Following the transaction, the president now directly owns 16,153 shares of the company’s stock, valued at $515,926.82. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 28.21% of the stock is currently owned by company insiders.
Globus Medical Company Profile
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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