Lord Abbett & CO. LLC Takes $37.95 Million Position in Globus Medical, Inc. (NYSE:GMED)

Lord Abbett & CO. LLC purchased a new stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) in the third quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 530,451 shares of the medical device company's stock, valued at approximately $37,948,000. Lord Abbett & CO. LLC owned 0.39% of Globus Medical at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new stake in shares of Globus Medical during the third quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Globus Medical during the second quarter valued at $33,000. Quarry LP boosted its position in shares of Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company's stock valued at $35,000 after buying an additional 433 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company's stock worth $39,000 after buying an additional 385 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Globus Medical in the 2nd quarter worth about $52,000. Hedge funds and other institutional investors own 95.16% of the company's stock.

Insider Buying and Selling

In other news, Director David D. Davidar sold 30,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. This trade represents a 5.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kelly Huller sold 2,500 shares of Globus Medical stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total transaction of $217,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 97,500 shares of company stock worth $7,674,950. Corporate insiders own 18.54% of the company's stock.

Wall Street Analysts Forecast Growth

GMED has been the topic of a number of recent analyst reports. Bank of America raised their price target on shares of Globus Medical from $55.00 to $80.00 and gave the company an "underperform" rating in a report on Wednesday, November 6th. Piper Sandler lifted their target price 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. Royal Bank of Canada boosted their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company an "outperform" rating in a research note on Wednesday, November 6th. Canaccord Genuity Group raised their price target on Globus Medical from $85.00 to $92.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. Finally, Wells Fargo & Company upped their price objective on Globus Medical from $88.00 to $95.00 and gave the company an "overweight" rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Globus Medical has an average rating of "Moderate Buy" and a consensus target price of $92.18.

Globus Medical Price Performance

Shares of NYSE:GMED traded down $0.29 during mid-day trading on Friday, reaching $82.42. 990,293 shares of the company traded hands, compared to its average volume of 992,817. Globus Medical, Inc. has a 52 week low of $49.14 and a 52 week high of $87.22. The firm has a market cap of $11.22 billion, a PE ratio of 123.01, a PEG ratio of 1.99 and a beta of 1.19. The company's 50 day moving average price is $78.81 and its 200-day moving average price is $72.83.

Globus Medical (NYSE:GMED - Get Free Report) last released its earnings results 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. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. During the same quarter in the previous year, the firm earned $0.57 earnings per share. The company's quarterly revenue was up 63.1% compared to the same quarter last year. On average, research analysts predict that Globus Medical, Inc. will post 2.97 earnings per share for the current fiscal year.

Globus Medical Company 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.