Harbour Capital Advisors LLC Purchases New Position in Globus Medical, Inc. (NYSE:GMED)

by · The Cerbat Gem

Harbour Capital Advisors LLC purchased a new stake in shares of Globus Medical, Inc. (NYSE:GMED – Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 5,090 shares of the medical device company’s stock, valued at approximately $359,000.

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Globus Medical by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock valued at $600,990,000 after purchasing an additional 32,220 shares during the period. HighPoint Advisor Group LLC acquired a new stake in Globus Medical in the fourth quarter valued at approximately $201,000. First Hawaiian Bank acquired a new stake in Globus Medical in the first quarter valued at approximately $231,000. Mather Group LLC. acquired a new stake in Globus Medical in the first quarter valued at approximately $69,000. Finally, Banque Cantonale Vaudoise grew its holdings in Globus Medical by 6.6% in the first quarter. Banque Cantonale Vaudoise now owns 10,443 shares of the medical device company’s stock valued at $560,000 after purchasing an additional 651 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on GMED. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday, August 7th. Morgan Stanley boosted their price objective on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. BTIG Research boosted their price objective on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Wells Fargo & Company raised Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $60.00 to $78.00 in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada lifted their target price on Globus Medical from $78.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $77.50.

View Our Latest Research Report on GMED

Insider Buying and Selling

In related news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director David D. Davidar sold 30,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Globus Medical Stock Down 1.5 %

Shares of NYSE:GMED opened at $72.82 on Friday. The company has a market cap of $9.86 billion, a P/E ratio of 113.78, a P/E/G ratio of 1.94 and a beta of 1.17. Globus Medical, Inc. has a 52 week low of $43.38 and a 52 week high of $75.98. The business has a fifty day simple moving average of $70.70 and a 200-day simple moving average of $65.98.

Globus Medical (NYSE:GMED – Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The firm had revenue of $629.69 million during the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The firm’s quarterly revenue was up 115.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.63 earnings per share. Sell-side analysts expect that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

Globus Medical Profile

(Free Report)

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.

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