Chase Investment Counsel Corp Buys New Shares in Globus Medical, Inc. (NYSE:GMED)

Chase Investment Counsel Corp purchased a new position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,350 shares of the medical device company's stock, valued at approximately $525,000.

A number of other institutional investors also recently added to or reduced their stakes in GMED. ArrowMark Colorado Holdings LLC acquired a new position in Globus Medical in the third quarter valued at about $43,947,000. Lord Abbett & CO. LLC bought a new position in shares of Globus Medical in the third quarter valued at approximately $37,948,000. Parsifal Capital Management LP boosted its holdings in shares of Globus Medical by 50.5% in the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company's stock worth $96,619,000 after acquiring an additional 453,053 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Globus Medical during the 3rd quarter valued at $26,406,000. Finally, Charles Schwab Investment Management Inc. raised its position in Globus Medical by 29.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,238,603 shares of the medical device company's stock valued at $88,610,000 after purchasing an additional 285,172 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on GMED. Bank of America upgraded Globus Medical from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Roth Mkm boosted their target price on Globus Medical from $100.00 to $115.00 and gave the stock a "buy" rating in a research report on Tuesday, December 17th. Stifel Nicolaus upped their price target on Globus Medical from $92.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Truist Financial lifted their price objective on Globus Medical from $85.00 to $90.00 and gave the stock a "hold" rating in a research report on Wednesday, December 18th. Finally, Piper Sandler upped their target price on shares of Globus Medical from $80.00 to $100.00 and gave the company an "overweight" rating in a research report on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Globus Medical has a consensus rating of "Moderate Buy" and a consensus price target of $97.82.

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Insider Buying and Selling

In related news, CFO Keith W. Pfeil sold 14,167 shares of the company's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 18.54% of the stock is currently owned by insiders.

Globus Medical Stock Up 0.9 %

Shares of GMED stock traded up $0.74 during trading hours on Wednesday, reaching $78.81. The company's stock had a trading volume of 844,753 shares, compared to its average volume of 1,272,963. The company has a market capitalization of $10.84 billion, a price-to-earnings ratio of 105.08, a PEG ratio of 1.61 and a beta of 1.19. Globus Medical, Inc. has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The firm's 50 day simple moving average is $86.28 and its 200-day simple moving average is $79.60.

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

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.