Old West Investment Management LLC Acquires 9,005 Shares of Globus Medical, Inc. (NYSE:GMED)

Old West Investment Management LLC lifted its holdings in Globus Medical, Inc. (NYSE:GMED) by 8.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 122,196 shares of the medical device company’s stock after buying an additional 9,005 shares during the quarter. Globus Medical makes up 3.7% of Old West Investment Management LLC’s portfolio, making the stock its 9th biggest position. Old West Investment Management LLC owned approximately 0.09% of Globus Medical worth $8,369,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of GMED. Ashton Thomas Private Wealth LLC acquired a new position in Globus Medical in the second quarter valued at approximately $33,000. GAMMA Investing LLC boosted its position in Globus Medical by 254.5% during the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after purchasing an additional 453 shares during the period. YHB Investment Advisors Inc. bought a new position in Globus Medical during the 1st quarter worth $50,000. International Assets Investment Management LLC acquired a new stake in Globus Medical in the second quarter worth $52,000. Finally, Mather Group LLC. bought a new stake in Globus Medical in the first quarter valued at $69,000. Institutional investors own 95.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Truist Financial lifted their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. BTIG Research boosted their price objective on Globus Medical from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Morgan Stanley raised their target price on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Barclays boosted their price target on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Finally, Piper Sandler raised Globus Medical from a “neutral” rating to an “overweight” rating and raised their price target for the company from $60.00 to $80.00 in a report on Monday, May 20th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $77.20.

Insider Activity at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the sale, the director now directly owns 16,419 shares in the company, valued at approximately $1,149,330. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 18.54% of the stock is owned by insiders.

Globus Medical Stock Up 0.4 %

NYSE:GMED opened at $70.00 on Tuesday. The stock has a fifty day simple moving average of $70.87 and a 200 day simple moving average of $63.17. The firm has a market capitalization of $9.48 billion, a price-to-earnings ratio of 109.38, a price-to-earnings-growth ratio of 1.91 and a beta of 1.17. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $74.21.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.07. The firm had revenue of $629.69 million for the quarter, compared to analysts’ expectations of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The company’s quarterly revenue was up 115.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.63 EPS. Equities analysts predict that Globus Medical, Inc. will post 2.84 earnings per share for the current year.

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.