KLP Kapitalforvaltning AS Makes New $1.90 Million Investment in Globus Medical, Inc. (NYSE:GMED)

KLP Kapitalforvaltning AS bought a new stake in Globus Medical, Inc. (NYSE:GMED) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 22,975 shares of the medical device company’s stock, valued at approximately $1,900,000.

Other hedge funds have also recently modified their holdings of the company. Sei Investments Co. boosted its stake in Globus Medical by 4.9% in the fourth quarter. Sei Investments Co. now owns 96,775 shares of the medical device company’s stock valued at $8,004,000 after acquiring an additional 4,505 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Globus Medical by 255.9% in the 4th quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company’s stock valued at $8,588,000 after purchasing an additional 74,659 shares during the period. HUB Investment Partners LLC purchased a new position in Globus Medical during the 4th quarter worth approximately $1,157,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Globus Medical by 0.9% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 25,118 shares of the medical device company’s stock worth $2,078,000 after buying an additional 215 shares during the period. Finally, Teacher Retirement System of Texas lifted its stake in Globus Medical by 217.8% in the fourth quarter. Teacher Retirement System of Texas now owns 57,472 shares of the medical device company’s stock valued at $4,754,000 after buying an additional 39,390 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Price Performance

GMED opened at $73.66 on Friday. Globus Medical, Inc. has a 12 month low of $49.33 and a 12 month high of $94.93. The stock has a market capitalization of $10.13 billion, a P/E ratio of 98.22, a P/E/G ratio of 1.61 and a beta of 1.19. The business has a 50 day simple moving average of $82.50 and a 200-day simple moving average of $79.83.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. Research analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

Wall Street Analysts Forecast Growth

GMED has been the topic of a number of research reports. Wells Fargo & Company lowered their target price on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Stifel Nicolaus lifted their price objective on shares of Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. BTIG Research raised their price target on Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Finally, StockNews.com downgraded Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, March 21st. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $97.09.

Insider Activity at Globus Medical

In related news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 18.54% of the company’s stock.

Globus Medical 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.