IHT Wealth Management LLC Purchases Shares of 2,806 Globus Medical, Inc. (NYSE:GMED)

IHT Wealth Management LLC purchased a new stake in Globus Medical, Inc. (NYSE:GMED) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,806 shares of the medical device company’s stock, valued at approximately $201,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Stephens Inc. AR increased its holdings in Globus Medical by 3.4% in the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock valued at $303,000 after purchasing an additional 138 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Globus Medical by 2.5% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after buying an additional 140 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Globus Medical by 15.9% in the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after buying an additional 160 shares during the period. Van ECK Associates Corp increased its position in Globus Medical by 0.4% during the 2nd quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock valued at $3,145,000 after purchasing an additional 183 shares during the period. Finally, Central Pacific Bank Trust Division increased its position in Globus Medical by 6.2% during the 3rd quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock valued at $268,000 after purchasing an additional 220 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Price Performance

Shares of NYSE GMED opened at $82.92 on Wednesday. The stock has a market capitalization of $11.29 billion, a P/E ratio of 123.75, a P/E/G ratio of 1.99 and a beta of 1.19. The company has a 50-day moving average price of $77.81 and a 200-day moving average price of $72.40. Globus Medical, Inc. has a 1 year low of $46.26 and a 1 year high of $87.22.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating 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 return on equity of 9.98% and a net margin of 3.69%. The company’s quarterly revenue was up 63.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 EPS. As a group, equities research analysts anticipate that Globus Medical, Inc. will post 2.97 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GMED. Piper Sandler increased their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. BTIG Research increased their price target on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $83.00 to $100.00 in a research report on Monday, December 2nd. Wells Fargo & Company raised their price objective on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, Stifel Nicolaus boosted their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.36.

Insiders Place Their Bets

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Kelly Huller sold 5,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. Insiders have sold 112,500 shares of company stock valued at $8,730,350 in the last three months. 18.54% of the stock is currently owned by insiders.

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.