Legacy Capital Group California Inc. Takes Position in Globus Medical, Inc. (NYSE:GMED)

Legacy Capital Group California Inc. bought a new position in shares of Globus Medical, Inc. (NYSE:GMED) in the second quarter, HoldingsChannel reports. The firm bought 3,013 shares of the medical device company’s stock, valued at approximately $206,000.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC lifted its stake in Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares in the last quarter. YHB Investment Advisors Inc. purchased a new stake in shares of Globus Medical in the first quarter worth about $50,000. Mather Group LLC. purchased a new stake in shares of Globus Medical in the first quarter worth about $69,000. Nisa Investment Advisors LLC boosted its stake in Globus Medical by 15.9% during the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after buying an additional 160 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in Globus Medical in the 4th quarter worth approximately $81,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GMED. Wells Fargo & Company upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $60.00 to $78.00 in a research report on Wednesday, August 7th. Morgan Stanley boosted their target price on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Wednesday, August 7th. Royal Bank of Canada lifted their price target on Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Finally, Piper Sandler upgraded Globus Medical from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $60.00 to $80.00 in a research report on Monday, May 20th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $77.00.

Globus Medical Trading Up 0.5 %

Shares of NYSE GMED traded up $0.35 during midday trading on Wednesday, hitting $69.49. The company’s stock had a trading volume of 361,559 shares, compared to its average volume of 1,096,424. The business’s 50 day moving average is $69.61 and its two-hundred day moving average is $60.89. The firm has a market cap of $9.41 billion, a P/E ratio of 107.98, a price-to-earnings-growth ratio of 1.95 and a beta of 1.15. Globus Medical, Inc. has a 12-month low of $43.38 and a 12-month high of $74.21.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. The business had revenue of $629.69 million for the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The company’s revenue for the quarter was up 115.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.63 EPS. On average, analysts predict that Globus Medical, Inc. will post 2.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other news, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the sale, the director now owns 16,419 shares in the company, valued at approximately $1,149,330. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 18.54% of the stock is currently 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.