Leith Wheeler Investment Counsel Ltd. Makes New $4.59 Million Investment in Globus Medical, Inc. (NYSE:GMED)

Leith Wheeler Investment Counsel Ltd. purchased a new position in shares of Globus Medical, Inc. (NYSE:GMED) during the first quarter, Holdings Channel.com reports. The fund purchased 85,500 shares of the medical device company’s stock, valued at approximately $4,586,000.

Other hedge funds have also made changes to their positions in the company. Texas Permanent School Fund Corp grew its position in Globus Medical by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 100,964 shares of the medical device company’s stock worth $5,416,000 after purchasing an additional 1,311 shares during the last quarter. Geneva Capital Management LLC grew its holdings in Globus Medical by 10.5% in the 1st quarter. Geneva Capital Management LLC now owns 1,571,886 shares of the medical device company’s stock worth $84,316,000 after buying an additional 149,987 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Globus Medical in the 1st quarter valued at approximately $429,000. Central Pacific Bank Trust Division bought a new stake in Globus Medical during the 1st quarter valued at $255,000. Finally, FORA Capital LLC acquired a new position in Globus Medical during the 1st quarter worth $211,000. Institutional investors own 95.16% of the company’s stock.

Globus Medical Trading Up 0.2 %

NYSE:GMED traded up $0.14 on Friday, hitting $70.89. 142,644 shares of the company’s stock traded hands, compared to its average volume of 1,091,173. The company has a market cap of $9.60 billion, a PE ratio of 110.60, a price-to-earnings-growth ratio of 1.93 and a beta of 1.15. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $71.23. The firm has a 50-day moving average price of $65.58 and a 200-day moving average price of $57.50.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. The company had revenue of $606.67 million during the quarter, compared to the consensus estimate of $586.82 million. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The company’s revenue was up 119.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.53 EPS. On average, research analysts forecast that Globus Medical, Inc. will post 2.82 EPS for the current fiscal year.

Insiders Place Their Bets

In other Globus Medical news, Director Dan Lemaitre sold 63,300 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $64.61, for a total value of $4,089,813.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director David D. Davidar sold 20,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $65.00, for a total value of $1,300,000.00. Following the transaction, the director now owns 566,275 shares of the company’s stock, valued at $36,807,875. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Dan Lemaitre sold 63,300 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Wall Street Analyst Weigh In

GMED has been the topic of a number of recent analyst reports. Piper Sandler upgraded shares of Globus Medical from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $60.00 to $80.00 in a research note on Monday, May 20th. Stifel Nicolaus upped their price target on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Barclays raised their price objective on shares of Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. BTIG Research upped their target price on Globus Medical from $63.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, May 29th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Wednesday, May 8th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and a consensus price target of $69.40.

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.