Van ECK Associates Corp Raises Stake in Globus Medical, Inc. (NYSE:GMED)

Van ECK Associates Corp lifted its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 36.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,505 shares of the medical device company's stock after purchasing an additional 16,583 shares during the quarter. Van ECK Associates Corp's holdings in Globus Medical were worth $4,618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Farther Finance Advisors LLC increased its stake in shares of 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 in the last quarter. Stephens Inc. AR increased its stake in Globus Medical by 3.4% in the 3rd quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company's stock worth $303,000 after buying an additional 138 shares in the last quarter. Stephens Investment Management Group LLC lifted its position in shares of Globus Medical by 3.1% in the third quarter. Stephens Investment Management Group LLC now owns 701,860 shares of the medical device company's stock valued at $50,211,000 after acquiring an additional 20,946 shares in the last quarter. State of Alaska Department of Revenue grew its position in shares of Globus Medical by 5.3% during the third quarter. State of Alaska Department of Revenue now owns 13,125 shares of the medical device company's stock worth $938,000 after purchasing an additional 665 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Globus Medical by 2.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company's stock valued at $403,000 after purchasing an additional 140 shares during the period. Institutional investors own 95.16% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on GMED shares. Roth Mkm reaffirmed a "buy" rating and set a $100.00 price objective on shares of Globus Medical in a report on Wednesday. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research report on Wednesday. Barclays boosted their target price on Globus Medical from $85.00 to $93.00 and gave the stock an "overweight" rating in a research report on Thursday, August 8th. Morgan Stanley lifted their price objective on Globus Medical from $67.00 to $71.00 and gave the stock an "equal weight" rating in a research note on Monday, July 15th. Finally, Canaccord Genuity Group increased their target price on Globus Medical from $79.00 to $85.00 and gave the company a "buy" rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Globus Medical currently has an average rating of "Moderate Buy" and a consensus price target of $87.09.

Globus Medical Stock Down 1.3 %

GMED stock traded down $1.09 during trading on Friday, hitting $80.88. The company had a trading volume of 1,804,199 shares, compared to its average volume of 934,414. Globus Medical, Inc. has a 52-week low of $43.38 and a 52-week high of $84.87. The company has a 50 day simple moving average of $72.28 and a 200-day simple moving average of $68.46. The firm has a market capitalization of $10.95 billion, a P/E ratio of 120.72, a PEG ratio of 2.19 and a beta of 1.17.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.18. The company had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. Globus Medical's revenue for the quarter was up 63.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 earnings per share. Sell-side analysts forecast that Globus Medical, Inc. will post 2.97 earnings per share for the current year.

Insider Transactions at Globus Medical

In other Globus Medical news, SVP Kelly Huller sold 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, SVP Kelly Huller sold 5,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David D. Davidar sold 30,000 shares of the stock in a transaction dated Wednesday, October 16th. The stock was 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 of the company's stock, valued at approximately $40,242,076. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock valued at $8,512,850 over the last 90 days. 18.54% of the stock is currently owned by corporate insiders.

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.