Point72 Asia Singapore Pte. Ltd. Makes New $404,000 Investment in Globus Medical, Inc. (NYSE:GMED)

Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Globus Medical, Inc. (NYSE:GMED) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 5,645 shares of the medical device company’s stock, valued at approximately $404,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Swedbank AB grew its stake in Globus Medical by 15.4% in the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after purchasing an additional 50,000 shares during the period. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Globus Medical by 17.9% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock valued at $77,852,000 after purchasing an additional 172,605 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of Globus Medical during the second quarter valued at about $611,000. Quest Partners LLC purchased a new position in Globus Medical in the 3rd quarter worth approximately $523,000. Finally, Intech Investment Management LLC boosted its position in Globus Medical by 291.3% during the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after buying an additional 15,283 shares during the period. Institutional investors own 95.16% of the company’s stock.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $83.90 on Tuesday. The business’s 50 day moving average price is $76.52 and its 200-day moving average price is $71.77. The firm has a market capitalization of $11.42 billion, a PE ratio of 125.22, a P/E/G ratio of 2.04 and a beta of 1.17. Globus Medical, Inc. has a 1 year low of $44.02 and a 1 year high of $87.22.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business’s revenue was up 63.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.57 EPS. As a group, analysts expect that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

Analyst Ratings Changes

GMED has been the subject of a number of research reports. Bank of America increased their price target on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday, November 6th. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $83.00 to $100.00 in a report on Monday. Royal Bank of Canada increased their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Roth Mkm reiterated a “buy” rating and issued a $100.00 price target on shares of Globus Medical in a research report on Wednesday, November 6th. Finally, BTIG Research boosted their target price on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $89.73.

Insider Activity at Globus Medical

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the sale, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. This represents a 5.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,000 shares of company stock worth $8,512,850. Corporate insiders own 18.54% of the company’s stock.

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.