M&T Bank Corp Has $496,000 Stock Position in Globus Medical, Inc. (NYSE:GMED)

M&T Bank Corp lifted its position in shares of Globus Medical, Inc. (NYSE:GMED) by 3.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,926 shares of the medical device company’s stock after purchasing an additional 241 shares during the quarter. M&T Bank Corp’s holdings in Globus Medical were worth $496,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp increased its holdings in Globus Medical by 2.3% in the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock valued at $255,450,000 after buying an additional 81,371 shares during the period. Burgundy Asset Management Ltd. boosted its position in shares of Globus Medical by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after acquiring an additional 35,054 shares in the last quarter. Magnetar Financial LLC boosted its position in shares of Globus Medical by 1.7% during the 2nd quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after acquiring an additional 29,200 shares in the last quarter. Geneva Capital Management LLC increased its stake in Globus Medical by 1.1% in the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after acquiring an additional 18,117 shares during the period. Finally, AXA S.A. raised its position in Globus Medical by 0.5% in the second quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after purchasing an additional 7,443 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on GMED shares. Wells Fargo & Company upped their price objective on Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Piper Sandler upped their price target on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Roth Mkm lifted their price objective on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday. Bank of America upped their target price on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday, November 6th. Finally, Royal Bank of Canada lifted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and a consensus price target of $93.55.

Insider Activity

In related news, Director David D. Davidar sold 30,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares in the company, valued at $40,242,076. This represents a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the company’s 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. In the last quarter, insiders have sold 97,500 shares of company stock valued at $7,674,950. 18.54% of the stock is currently owned by insiders.

Globus Medical Price Performance

Shares of Globus Medical stock opened at $83.42 on Wednesday. The firm has a 50 day simple moving average of $79.31 and a 200 day simple moving average of $73.10. Globus Medical, Inc. has a fifty-two week low of $49.14 and a fifty-two week high of $87.22. The firm has a market cap of $11.36 billion, a P/E ratio of 124.51, a P/E/G ratio of 1.99 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The company had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm’s quarterly revenue was up 63.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.57 earnings per share. On average, sell-side analysts expect that Globus Medical, Inc. will post 2.97 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 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.