Globus Medical, Inc. (NYSE:GMED) Shares Purchased by Royal Bank of Canada

Posted by on Mar 7th, 2023

Royal Bank of Canada raised its holdings in shares of Globus Medical, Inc. (NYSE:GMED – Get Rating) by 0.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 298,340 shares of the medical device company’s stock after buying an additional 1,681 shares during the period. Royal Bank of Canada owned about 0.30% of Globus Medical worth $17,771,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Eaton Vance Management lifted its stake in shares of Globus Medical by 60.9% during the third quarter. Eaton Vance Management now owns 26,067 shares of the medical device company’s stock worth $1,553,000 after purchasing an additional 9,864 shares in the last quarter. Laurel Wealth Advisors Inc. lifted its position in Globus Medical by 43.4% during the 3rd quarter. Laurel Wealth Advisors Inc. now owns 17,123 shares of the medical device company’s stock worth $1,020,000 after acquiring an additional 5,183 shares in the last quarter. Guggenheim Capital LLC boosted its holdings in Globus Medical by 43.2% in the 3rd quarter. Guggenheim Capital LLC now owns 11,431 shares of the medical device company’s stock worth $681,000 after acquiring an additional 3,450 shares during the period. Ergoteles LLC grew its position in Globus Medical by 598.9% in the third quarter. Ergoteles LLC now owns 30,359 shares of the medical device company’s stock valued at $1,808,000 after acquiring an additional 26,015 shares in the last quarter. Finally, Centiva Capital LP acquired a new stake in Globus Medical in the third quarter valued at approximately $297,000. 74.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GMED shares. Truist Financial downgraded shares of Globus Medical from a “buy” rating to a “hold” rating and decreased their target price for the company from $85.00 to $70.00 in a research note on Friday, February 10th. Needham & Company LLC downgraded Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, February 10th. Bank of America lowered Globus Medical from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $83.00 to $63.00 in a research report on Monday, February 13th. Wells Fargo & Company reduced their price target on Globus Medical from $67.00 to $61.00 and set an “equal weight” rating for the company in a report on Wednesday, February 22nd. Finally, StockNews.com downgraded Globus Medical from a “buy” rating to a “hold” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $70.91.

Globus Medical Trading Down 0.2 %

Shares of NYSE GMED opened at $59.20 on Tuesday. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of 31.83, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. Globus Medical, Inc. has a twelve month low of $52.60 and a twelve month high of $81.78. The business has a 50 day simple moving average of $69.16 and a 200-day simple moving average of $66.67.

Globus Medical (NYSE:GMED – Get Rating) last released its earnings results on Tuesday, February 21st. The medical device company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.04. Globus Medical had a net margin of 18.59% and a return on equity of 11.93%. The firm had revenue of $274.50 million during the quarter, compared to analyst estimates of $276.40 million. During the same quarter in the previous year, the firm earned $0.49 earnings per share. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, equities analysts predict that Globus Medical, Inc. will post 2.3 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Keith W. Pfeil sold 29,167 shares of the company’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $77.57, for a total transaction of $2,262,484.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 24.41% of the stock is owned by company insiders.

About Globus Medical

(Get Rating)

Globus Medical, Inc operates as a medical device company that develops and commercializes healthcare solutions. The firm engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.

Featured Stories

Want to see what other hedge funds are holding GMED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Globus Medical, Inc. (NYSE:GMED – Get Rating).

Institutional Ownership by Quarter for Globus Medical (NYSE:GMED)

Receive News & Ratings for Globus Medical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globus Medical and related companies with MarketBeat.com's FREE daily email newsletter.