Washington Capital Management Inc. increased its stake in Globus Medical Inc (NYSE:GMED) by 39.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,250 shares of the medical device company’s stock after purchasing an additional 2,350 shares during the period. Washington Capital Management Inc.’s holdings in Globus Medical were worth $349,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. boosted its stake in Globus Medical by 0.3% in the first quarter. BlackRock Inc. now owns 9,540,773 shares of the medical device company’s stock worth $471,410,000 after buying an additional 26,994 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Globus Medical by 83.1% in the second quarter. Janus Henderson Group PLC now owns 6,179,600 shares of the medical device company’s stock worth $261,397,000 after buying an additional 2,803,797 shares in the last quarter. Geode Capital Management LLC boosted its stake in Globus Medical by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 807,842 shares of the medical device company’s stock worth $34,963,000 after buying an additional 39,789 shares in the last quarter. Marathon Asset Management LLP boosted its stake in Globus Medical by 1.8% in the second quarter. Marathon Asset Management LLP now owns 767,432 shares of the medical device company’s stock worth $32,464,000 after buying an additional 13,926 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in Globus Medical by 43.9% in the second quarter. Wells Fargo & Company MN now owns 722,717 shares of the medical device company’s stock worth $30,570,000 after buying an additional 220,515 shares in the last quarter. Institutional investors own 70.40% of the company’s stock.
GMED has been the subject of several research reports. Wells Fargo & Co lowered Globus Medical from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $50.00 to $41.00 in a research note on Friday, May 24th. Needham & Company LLC reaffirmed a “buy” rating and issued a $56.00 target price (up previously from $52.00) on shares of Globus Medical in a research note on Friday, August 2nd. Morgan Stanley set a $45.00 target price on Globus Medical and gave the stock a “hold” rating in a research note on Wednesday, June 5th. Finally, Zacks Investment Research raised Globus Medical from a “sell” rating to a “hold” rating and set a $54.00 target price for the company in a research note on Tuesday, August 6th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Globus Medical currently has an average rating of “Buy” and an average price target of $55.20.
GMED traded down $0.99 during midday trading on Friday, hitting $50.31. The stock had a trading volume of 525,848 shares, compared to its average volume of 750,459. The company has a market cap of $5.08 billion, a P/E ratio of 30.13, a price-to-earnings-growth ratio of 2.49 and a beta of 0.89. The business has a fifty day moving average of $45.73 and a 200 day moving average of $44.91. Globus Medical Inc has a 1 year low of $38.01 and a 1 year high of $57.83.
Globus Medical (NYSE:GMED) last issued its earnings results on Thursday, August 1st. The medical device company reported $0.41 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.41. The business had revenue of $150.55 million during the quarter, compared to analyst estimates of $184.93 million. Globus Medical had a return on equity of 13.29% and a net margin of 19.30%. Globus Medical’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.44 earnings per share. On average, research analysts expect that Globus Medical Inc will post 1.71 EPS for the current year.
Globus Medical Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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