Raymond James Financial Inc. Makes New $58.41 Million Investment in Globus Medical, Inc. (NYSE:GMED)

Raymond James Financial Inc. bought a new position in shares of 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 706,148 shares of the medical device company's stock, valued at approximately $58,405,000. Raymond James Financial Inc. owned 0.52% of Globus Medical at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in GMED. Oak Thistle LLC bought a new stake in shares of Globus Medical during the fourth quarter worth $376,000. bLong Financial LLC acquired a new stake in Globus Medical during the fourth quarter worth approximately $397,000. Kathmere Capital Management LLC acquired a new stake in shares of Globus Medical during the 4th quarter worth approximately $23,091,000. Quest Partners LLC bought a new stake in Globus Medical in the third quarter valued at $523,000. Finally, Intech Investment Management LLC raised its stake in Globus Medical by 291.3% during the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company's stock worth $1,469,000 after buying an additional 15,283 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Trading Up 2.2 %

NYSE:GMED traded up $1.53 during trading hours on Friday, reaching $71.21. The company had a trading volume of 1,056,097 shares, compared to its average volume of 1,336,298. The firm's 50 day moving average price is $85.09 and its 200-day moving average price is $79.69. The firm has a market cap of $9.79 billion, a price-to-earnings ratio of 94.94, a PEG ratio of 1.61 and a beta of 1.19. Globus Medical, Inc. has a 52 week low of $49.33 and a 52 week high of $94.93.

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Globus Medical (NYSE:GMED - Get Free Report) last posted its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.10. The company had revenue of $657.29 million for 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, analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on GMED shares. Wells Fargo & Company cut their price objective on shares of 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 raised Globus Medical from a "hold" rating to a "buy" rating in a report on Thursday. Truist Financial boosted their price objective on shares of Globus Medical from $85.00 to $90.00 and gave the company a "hold" rating in a research note on Wednesday, December 18th. Canaccord Genuity Group boosted their price objective on Globus Medical from $92.00 to $101.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Finally, Morgan Stanley raised Globus Medical from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Globus Medical presently has a consensus rating of "Moderate Buy" and an average target price of $97.82.

Insider Buying and Selling at Globus Medical

In other news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 18.54% of the stock is owned by corporate insiders.

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.