Norges Bank Takes $117.10 Million Position in Globus Medical, Inc. (NYSE:GMED)

Norges Bank purchased a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,415,813 shares of the medical device company's stock, valued at approximately $117,102,000. Norges Bank owned 1.04% of Globus Medical at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in GMED. Raymond James Financial Inc. acquired a new position in Globus Medical during the 4th quarter valued at about $58,405,000. ArrowMark Colorado Holdings LLC acquired a new position in shares of Globus Medical during the third quarter valued at approximately $43,947,000. Lord Abbett & CO. LLC acquired a new position in shares of Globus Medical during the third quarter valued at approximately $37,948,000. Parsifal Capital Management LP lifted its position in Globus Medical by 50.5% in the third quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company's stock worth $96,619,000 after purchasing an additional 453,053 shares during the period. Finally, Kathmere Capital Management LLC acquired a new stake in Globus Medical in the fourth quarter worth approximately $23,091,000. Institutional investors own 95.16% of the company's stock.

Globus Medical Stock Down 4.2 %

Shares of GMED traded down $3.01 during mid-day trading on Friday, reaching $69.01. The company's stock had a trading volume of 2,057,719 shares, compared to its average volume of 1,029,888. Globus Medical, Inc. has a 1 year low of $49.33 and a 1 year high of $94.93. The company has a market cap of $9.49 billion, a price-to-earnings ratio of 92.01, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19. The business has a fifty day moving average of $80.17 and a 200 day moving average of $80.03.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.74 by $0.10. The firm had revenue of $657.29 million during the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. On average, analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Insider Buying and Selling

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the business's stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 18.54% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

GMED has been the subject of several research analyst reports. Truist Financial cut their price objective on Globus Medical from $90.00 to $82.00 and set a "hold" rating for the company in a report on Tuesday, March 18th. Roth Mkm upped their price target on shares of Globus Medical from $100.00 to $115.00 and gave the company a "buy" rating in a report on Tuesday, December 17th. Wells Fargo & Company lowered their price objective on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. BTIG Research increased their target price on shares of Globus Medical from $87.00 to $91.00 and gave the company a "buy" rating in a research note on Thursday, December 12th. Finally, Bank of America upgraded shares of Globus Medical from an "underperform" rating to a "neutral" rating and lifted their price target for the stock from $80.00 to $97.00 in a research report on Thursday, January 9th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $97.09.

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.