Granite Investment Partners LLC lowered its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 9.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 71,687 shares of the medical device company's stock after selling 7,685 shares during the quarter. Granite Investment Partners LLC owned about 0.05% of Globus Medical worth $5,929,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new position in shares of Globus Medical in the fourth quarter valued at approximately $27,000. UMB Bank n.a. grew its stake in shares of Globus Medical by 60.2% in the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company's stock worth $45,000 after acquiring an additional 206 shares in the last quarter. V Square Quantitative Management LLC increased its position in shares of Globus Medical by 52.0% during the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company's stock worth $48,000 after acquiring an additional 197 shares during the period. First Horizon Advisors Inc. raised its stake in shares of Globus Medical by 24.7% in the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company's stock valued at $55,000 after acquiring an additional 132 shares in the last quarter. Finally, Huntington National Bank boosted its holdings in Globus Medical by 47.8% in the fourth quarter. Huntington National Bank now owns 958 shares of the medical device company's stock valued at $79,000 after purchasing an additional 310 shares during the period. Hedge funds and other institutional investors own 95.16% of the company's stock.
Analyst Ratings Changes
GMED has been the topic of a number of analyst reports. Bank of America raised Globus Medical from an "underperform" rating to a "neutral" rating and increased their price target for the company from $80.00 to $97.00 in a research report on Thursday, January 9th. Wells Fargo & Company dropped their price objective on Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. StockNews.com lowered Globus Medical from a "buy" rating to a "hold" rating in a report on Friday, March 21st. Canaccord Genuity Group increased their price objective on Globus Medical from $92.00 to $101.00 and gave the company a "buy" rating in a report on Friday, January 10th. Finally, Barclays increased their target price on shares of Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.91.
View Our Latest Stock Report on GMED
Globus Medical Price Performance
Shares of NYSE GMED traded down $0.11 during trading on Friday, hitting $71.03. 574,325 shares of the company were exchanged, compared to its average volume of 1,039,925. The firm's fifty day moving average price is $75.84 and its 200 day moving average price is $79.97. The company has a market cap of $9.77 billion, a price-to-earnings ratio of 94.71, a PEG ratio of 1.61 and a beta of 1.28. Globus Medical, Inc. has a 1 year low of $49.33 and a 1 year high of $94.93.
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 for the quarter, beating the consensus estimate of $0.74 by $0.10. The firm had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. On average, research analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current year.
Globus Medical Company Profile
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Free Report)
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.
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