Envestnet Asset Management Inc. Raises Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Envestnet Asset Management Inc. grew its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 3.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 276,411 shares of the medical device company's stock after purchasing an additional 8,479 shares during the period. Envestnet Asset Management Inc. owned about 0.20% of Globus Medical worth $22,862,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Norges Bank bought a new stake in Globus Medical in the fourth quarter worth about $117,102,000. Raymond James Financial Inc. purchased a new stake in shares of Globus Medical during the 4th quarter worth approximately $58,405,000. Lord Abbett & CO. LLC purchased a new position in Globus Medical in the third quarter valued at approximately $37,948,000. Kathmere Capital Management LLC purchased a new position in Globus Medical in the fourth quarter valued at approximately $23,091,000. Finally, Vanguard Group Inc. grew its holdings in Globus Medical by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company's stock valued at $898,548,000 after purchasing an additional 240,218 shares during the period. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Performance

GMED stock traded down $0.11 on Friday, reaching $71.03. The company's stock had a trading volume of 574,325 shares, compared to its average volume of 1,040,207. The firm has a market cap of $9.77 billion, a PE ratio of 94.71, a PEG ratio of 1.61 and a beta of 1.28. The business has a fifty day simple moving average of $75.57 and a two-hundred day simple moving average of $79.97. Globus Medical, Inc. has a 12-month low of $49.33 and a 12-month high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last posted its earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The firm had revenue of $657.29 million during the quarter, compared to analysts' expectations of $646.19 million. As a group, research analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on GMED shares. 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 report on Friday, February 21st. StockNews.com downgraded shares of Globus Medical from a "buy" rating to a "hold" rating in a report on Friday, March 21st. Wells Fargo & Company reduced their target price on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Canaccord Genuity Group boosted their price target on shares of Globus Medical from $92.00 to $101.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Finally, Barclays raised their price objective on shares of Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $96.91.

About Globus Medical

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.