Exchange Traded Concepts LLC lifted its position in Globus Medical, Inc. (NYSE:GMED) by 42.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,300 shares of the medical device company’s stock after purchasing an additional 9,615 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Globus Medical were worth $1,992,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of GMED. NEXT Financial Group Inc bought a new stake in Globus Medical in the first quarter valued at $56,000. Albion Financial Group UT bought a new stake in shares of Globus Medical during the fourth quarter worth $65,000. AJO LP bought a new stake in shares of Globus Medical during the fourth quarter worth $112,000. Qtron Investments LLC bought a new stake in shares of Globus Medical during the fourth quarter worth $219,000. Finally, Creative Planning bought a new stake in shares of Globus Medical during the fourth quarter worth $219,000. Institutional investors and hedge funds own 64.35% of the company’s stock.
Several equities analysts have weighed in on the company. Morgan Stanley increased their target price on Globus Medical from $69.00 to $72.00 and gave the company an “equal weight” rating in a research note on Thursday, February 25th. Needham & Company LLC raised their price target on Globus Medical from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, February 25th. Credit Suisse Group raised their price target on Globus Medical from $64.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, January 8th. Piper Sandler raised their price target on Globus Medical from $55.00 to $63.00 and gave the stock a “neutral” rating in a research report on Friday, January 29th. Finally, BTIG Research increased their price objective on Globus Medical from $63.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, February 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $65.75.
Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, February 16th. The medical device company reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.07. Globus Medical had a net margin of 12.36% and a return on equity of 9.85%. The firm had revenue of $233.45 million during the quarter, compared to analyst estimates of $234.25 million. As a group, equities analysts forecast that Globus Medical, Inc. will post 1.36 EPS for the current year.
About Globus Medical
Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders. Its offers spine products, such as consists of traditional fusion implants, such as pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative, deformity, tumors, and trauma conditions; treatment options for motion preservation technologies, such as dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional pain management solutions to treat vertebral compression fractures; and regenerative biologic products, comprising of allografts and synthetic alternatives.
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