1,415,813 Shares in Globus Medical, Inc. (NYSE:GMED) Acquired by Norges Bank

Norges Bank bought a new stake in shares of Globus Medical, Inc. (NYSE:GMED) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,415,813 shares of the medical device company’s stock, valued at approximately $117,102,000. Norges Bank owned 1.04% of Globus Medical as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Coldstream Capital Management Inc. grew its stake in Globus Medical by 2.2% during the 3rd quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock valued at $447,000 after acquiring an additional 131 shares in the last quarter. First Horizon Advisors Inc. grew its position in Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock valued at $55,000 after purchasing an additional 132 shares in the last quarter. US Bancorp DE increased its stake in Globus Medical by 3.2% in the 4th quarter. US Bancorp DE now owns 4,305 shares of the medical device company’s stock valued at $356,000 after buying an additional 135 shares during the period. Berry Wealth Group LP lifted its position in Globus Medical by 5.1% in the 4th quarter. Berry Wealth Group LP now owns 3,409 shares of the medical device company’s stock worth $282,000 after buying an additional 164 shares in the last quarter. Finally, CIBC Asset Management Inc raised its holdings in shares of Globus Medical by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 3,487 shares of the medical device company’s stock worth $288,000 after acquiring an additional 175 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 18.54% of the company’s stock.

Globus Medical Stock Performance

NYSE GMED opened at $73.18 on Tuesday. The stock has a market capitalization of $10.07 billion, a PE ratio of 97.57, a P/E/G ratio of 1.61 and a beta of 1.19. The stock has a 50-day simple moving average of $81.78 and a 200 day simple moving average of $80.02. Globus Medical, Inc. has a twelve month low of $49.33 and a twelve month high of $94.93.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.10. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The company had revenue of $657.29 million during the quarter, compared to analysts’ expectations of $646.19 million. As a group, equities research analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GMED. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. StockNews.com downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Friday, March 21st. Truist Financial dropped their price target on shares of Globus Medical from $90.00 to $82.00 and set a “hold” rating on the stock in a research note on Tuesday, March 18th. BTIG Research lifted their price objective on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $97.09.

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.