Sanctuary Advisors LLC Takes Position in Globus Medical, Inc. (NYSE:GMED)

Sanctuary Advisors LLC bought a new position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,923 shares of the medical device company's stock, valued at approximately $611,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Globus Medical by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company's stock worth $600,990,000 after buying an additional 32,220 shares during the last quarter. Wellington Management Group LLP raised its holdings in Globus Medical by 9.5% during the fourth quarter. Wellington Management Group LLP now owns 2,912,454 shares of the medical device company's stock worth $155,205,000 after buying an additional 252,510 shares during the last quarter. Burgundy Asset Management Ltd. raised its holdings in Globus Medical by 1.4% during the second quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company's stock worth $172,245,000 after buying an additional 35,054 shares during the last quarter. Champlain Investment Partners LLC raised its holdings in Globus Medical by 25.2% during the first quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company's stock worth $134,335,000 after buying an additional 503,745 shares during the last quarter. Finally, Magnetar Financial LLC raised its holdings in Globus Medical by 1.7% during the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company's stock worth $117,699,000 after buying an additional 29,200 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Up 4.0 %

NYSE GMED traded up $2.86 during trading hours on Tuesday, reaching $74.05. 1,755,839 shares of the company were exchanged, compared to its average volume of 1,002,120. The stock has a market capitalization of $10.02 billion, a P/E ratio of 115.70, a P/E/G ratio of 1.94 and a beta of 1.17. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $74.21. The business's 50 day simple moving average is $70.52 and its 200-day simple moving average is $65.58.

Globus Medical (NYSE:GMED - Get Free Report) last issued its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.68 by $0.07. The firm had revenue of $629.69 million during the quarter, compared to analyst estimates of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The company's quarterly revenue was up 115.9% on a year-over-year basis. During the same quarter last year, the business earned $0.63 earnings per share. As a group, sell-side analysts anticipate that Globus Medical, Inc. will post 2.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Ann D. Rhoads sold 15,000 shares of the firm's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the transaction, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 18.54% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GMED. Wells Fargo & Company upgraded shares of Globus Medical from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $60.00 to $78.00 in a report on Wednesday, August 7th. BTIG Research increased their target price on shares of Globus Medical from $77.00 to $78.00 and gave the company a "buy" rating in a report on Monday. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a report on Wednesday, August 7th. Morgan Stanley increased their target price on shares of Globus Medical from $67.00 to $71.00 and gave the company an "equal weight" rating in a report on Monday, July 15th. Finally, Barclays increased their target price on shares of Globus Medical from $85.00 to $93.00 and gave the company an "overweight" rating in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, Globus Medical presently has a consensus rating of "Moderate Buy" and an average target price of $77.50.

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.