CIBC Private Wealth Group LLC Grows Position in Globus Medical, Inc. (NYSE:GMED)

CIBC Private Wealth Group LLC lifted its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 8,104.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 136,845 shares of the medical device company's stock after purchasing an additional 135,177 shares during the quarter. CIBC Private Wealth Group LLC owned about 0.10% of Globus Medical worth $11,844,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Okabena Investment Services Inc. purchased a new position in shares of Globus Medical in the fourth quarter worth $644,000. Norges Bank purchased a new position in Globus Medical in the 4th quarter worth $117,102,000. JPMorgan Chase & Co. raised its stake in Globus Medical by 7.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company's stock worth $231,946,000 after acquiring an additional 199,556 shares during the last quarter. Summitry LLC acquired a new stake in Globus Medical during the 4th quarter worth about $298,000. Finally, Meiji Yasuda Asset Management Co Ltd. purchased a new stake in Globus Medical during the 4th quarter valued at about $230,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GMED. Bank of America upgraded Globus Medical from an "underperform" rating to a "neutral" rating and raised their price objective for the stock from $80.00 to $97.00 in a research note on Thursday, January 9th. BTIG Research lifted their price objective 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. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research note on Tuesday, March 18th. Truist Financial reduced their target price on shares of Globus Medical from $90.00 to $82.00 and set a "hold" rating for the company in a report on Tuesday, March 18th. Finally, Stifel Nicolaus upped their price target on shares of Globus Medical from $92.00 to $94.00 and gave the company a "buy" rating in a report on Friday, February 21st. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Globus Medical presently has a consensus rating of "Moderate Buy" and an average price target of $97.09.

Insiders Place Their Bets

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 stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 18.54% of the stock is currently owned by company insiders.

Globus Medical Stock Down 4.2 %

Shares of NYSE:GMED traded down $3.01 during trading on Friday, reaching $69.01. 2,057,719 shares of the company's stock traded hands, compared to its average volume of 1,029,888. Globus Medical, Inc. has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The company has a 50-day simple moving average of $80.17 and a 200-day simple moving average of $80.03. The firm has a market cap of $9.49 billion, a PE ratio of 92.01, a P/E/G ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. The company had revenue of $657.29 million for 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, equities research analysts forecast that Globus Medical, Inc. will post 3.44 EPS 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.