Franklin Resources Inc. Takes Position in Globus Medical, Inc. (NYSE:GMED)

Franklin Resources Inc. acquired a new position in Globus Medical, Inc. (NYSE:GMED - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 53,845 shares of the medical device company's stock, valued at approximately $3,833,000.

A number of other hedge funds have also modified their holdings of the business. Coldstream Capital Management Inc. raised its position in Globus Medical by 2.2% in the third quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company's stock valued at $447,000 after purchasing an additional 131 shares during the period. Stephens Inc. AR boosted its position in shares of Globus Medical by 3.4% during the 3rd quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company's stock worth $303,000 after acquiring an additional 138 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Globus Medical by 2.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company's stock worth $403,000 after buying an additional 140 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Globus Medical by 0.4% during the second quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company's stock worth $3,145,000 after purchasing an additional 183 shares during the last quarter. Finally, Central Pacific Bank Trust Division boosted its position in shares of Globus Medical by 6.2% in the 3rd quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company's stock valued at $268,000 after purchasing an additional 220 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. StockNews.com lowered shares of Globus Medical from a "buy" rating to a "hold" rating in a research note on Wednesday, November 20th. Morgan Stanley upgraded Globus Medical from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Roth Mkm boosted their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the company a "buy" rating in a research note on Tuesday, December 17th. Piper Sandler upped their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company lifted their target price on shares of Globus Medical from $88.00 to $95.00 and gave the company an "overweight" rating in a report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Globus Medical presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.55.

Globus Medical Stock Performance

GMED stock traded up $0.37 during midday trading on Wednesday, hitting $83.47. 287,270 shares of the stock were exchanged, compared to its average volume of 998,488. The stock has a market cap of $11.37 billion, a price-to-earnings ratio of 124.58, a PEG ratio of 1.99 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 $87.22. The stock's 50-day moving average price is $80.45 and its 200-day moving average price is $73.69.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business's revenue for the quarter was up 63.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 EPS. Research analysts anticipate that Globus Medical, Inc. will post 2.97 EPS for the current year.

Insider Buying and Selling

In other news, CEO Daniel T. Scavilla sold 60,000 shares of the firm's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David D. Davidar sold 30,000 shares of the company's stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the transaction, the director now owns 536,275 shares of the company's stock, valued at $40,242,076. The trade was a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 97,500 shares of company stock worth $7,674,950 in the last ninety days. Insiders own 18.54% of the company's stock.

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.