KLP Kapitalforvaltning AS Purchases Shares of 22,975 Globus Medical, Inc. (NYSE:GMED)

KLP Kapitalforvaltning AS acquired a new position in shares of Globus Medical, Inc. (NYSE:GMED) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 22,975 shares of the medical device company’s stock, valued at approximately $1,900,000.

Several other institutional investors have also recently modified their holdings of GMED. SBI Securities Co. Ltd. purchased a new position in Globus Medical during the fourth quarter worth $27,000. Quarry LP boosted its stake in shares of Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after acquiring an additional 433 shares during the last quarter. UMB Bank n.a. increased its position in Globus Medical by 60.2% during the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after purchasing an additional 206 shares in the last quarter. V Square Quantitative Management LLC raised its stake in Globus Medical by 52.0% in the 4th quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock valued at $48,000 after purchasing an additional 197 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in Globus Medical by 24.7% in the 4th 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. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Price Performance

NYSE GMED opened at $73.66 on Friday. Globus Medical, Inc. has a 1-year low of $49.33 and a 1-year high of $94.93. The firm 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’s 50-day simple moving average is $82.50 and its 200-day simple moving average is $79.83.

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

Insider Activity at Globus Medical

In related news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction dated 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 filing with the SEC, which can be accessed through this hyperlink. Company insiders own 18.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GMED. BTIG Research lifted their price target on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. StockNews.com cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, March 21st. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $80.00 to $97.00 in a report on Thursday, January 9th. Stifel Nicolaus raised their price objective on Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $83.00 to $100.00 in a research report on Monday, December 2nd. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $97.09.

About Globus Medical

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.