Davis Investment Partners LLC Acquires New Stake in Globus Medical, Inc. $GMED

Davis Investment Partners LLC bought a new position in Globus Medical, Inc. (NYSE:GMED) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 9,617 shares of the medical device company’s stock, valued at approximately $840,000.

A number of other large investors have also recently added to or reduced their stakes in GMED. Advisory Services Network LLC bought a new stake in shares of Globus Medical in the third quarter valued at about $26,000. EverSource Wealth Advisors LLC grew its holdings in shares of Globus Medical by 74.3% during the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock worth $27,000 after buying an additional 197 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in Globus Medical in the 2nd quarter valued at approximately $28,000. First Horizon Corp acquired a new stake in Globus Medical in the 3rd quarter valued at approximately $31,000. Finally, Parallel Advisors LLC lifted its stake in Globus Medical by 45.1% in the 3rd quarter. Parallel Advisors LLC now owns 557 shares of the medical device company’s stock valued at $32,000 after acquiring an additional 173 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Globus Medical Trading Down 0.2%

NYSE:GMED opened at $86.38 on Friday. The stock has a market capitalization of $11.68 billion, a PE ratio of 21.92, a P/E/G ratio of 2.03 and a beta of 1.05. Globus Medical, Inc. has a 1-year low of $51.79 and a 1-year high of $101.40. The firm has a fifty day simple moving average of $90.27 and a 200 day simple moving average of $78.96.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.22. The firm had revenue of $826.42 million for the quarter, compared to analyst estimates of $803.29 million. Globus Medical had a net margin of 18.30% and a return on equity of 12.57%. The company’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.84 earnings per share. On average, equities analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Truist Financial set a $115.00 price target on shares of Globus Medical in a research note on Wednesday, February 25th. Barclays boosted their price objective on shares of Globus Medical from $118.00 to $123.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. Citigroup reaffirmed a “market perform” rating on shares of Globus Medical in a research report on Thursday, January 8th. Zacks Research upgraded shares of Globus Medical from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Finally, TD Cowen raised shares of Globus Medical to a “strong-buy” rating in a research report on Tuesday, January 27th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and a consensus target price of $104.36.

Insider Activity

In related news, CFO Kyle Kline sold 3,594 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $101.10, for a total value of $363,353.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leslie V. Norwalk sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total value of $202,200.00. Following the transaction, the director directly owned 10,419 shares in the company, valued at approximately $1,053,360.90. This trade represents a 16.10% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 35,594 shares of company stock valued at $3,332,253. 18.51% of the stock is owned by company insiders.

Globus Medical Company Profile

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.