Precision Wealth Strategies LLC Acquires New Position in Globus Medical, Inc. (NYSE:GMED)

Precision Wealth Strategies LLC bought a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 5,797 shares of the medical device company's stock, valued at approximately $479,000.

Other hedge funds also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in Globus Medical in the third quarter valued at about $27,000. 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 worth $35,000 after buying an additional 433 shares during the period. Farther Finance Advisors LLC lifted its position in Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company's stock worth $39,000 after purchasing an additional 385 shares during the period. UMB Bank n.a. increased its holdings 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 valued at $45,000 after buying an additional 206 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Globus Medical by 40.7% in the third quarter. GAMMA Investing LLC now owns 888 shares of the medical device company's stock valued at $64,000 after purchasing an additional 257 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Globus Medical

In other news, SVP Kelly Huller sold 2,500 shares of the firm's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total transaction of $217,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. 18.54% of the stock is owned by insiders.

Globus Medical Stock Performance

GMED traded down $0.33 on Wednesday, reaching $91.85. The company had a trading volume of 395,336 shares, compared to its average volume of 1,173,655. Globus Medical, Inc. has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The stock has a market cap of $12.51 billion, a P/E ratio of 137.19, a P/E/G ratio of 1.78 and a beta of 1.19. The company's fifty day moving average is $86.33 and its 200 day moving average is $77.86.

Globus Medical (NYSE:GMED - Get Free Report) last announced its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.65 by $0.18. The firm 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 was up 63.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.57 EPS. On average, sell-side analysts expect that Globus Medical, Inc. will post 2.98 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on GMED shares. Stifel Nicolaus increased their target price on shares of Globus Medical from $80.00 to $92.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. BTIG Research raised their price target on Globus Medical from $87.00 to $91.00 and gave the company a "buy" rating in a research report on Thursday, December 12th. Royal Bank of Canada lifted their target price on Globus Medical from $80.00 to $92.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 6th. Bank of America raised Globus Medical from an "underperform" rating to a "neutral" rating and lifted their target price for the stock from $80.00 to $97.00 in a research report on Thursday, January 9th. Finally, Truist Financial lifted their target price on Globus Medical from $85.00 to $90.00 and gave the stock a "hold" rating in a research report on Wednesday, December 18th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average 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.