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

Norges Bank acquired a new stake in shares of Globus Medical, Inc. (NYSE:GMED) during the fourth quarter, Holdings Channel reports. The firm acquired 1,415,813 shares of the medical device company’s stock, valued at approximately $117,102,000.

Several other large investors also recently modified their holdings of GMED. Oak Thistle LLC bought a new position in shares of Globus Medical during the 4th quarter worth approximately $376,000. bLong Financial LLC bought a new position in shares of Globus Medical during the fourth quarter valued at $397,000. Kathmere Capital Management LLC acquired a new stake in shares of Globus Medical in the 4th quarter valued at $23,091,000. State Street Corp grew its holdings in shares of Globus Medical by 2.3% in the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after purchasing an additional 81,371 shares during the last quarter. Finally, HB Wealth Management LLC acquired a new stake in shares of Globus Medical during the 4th quarter worth about $301,000. 95.16% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GMED. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $80.00 to $97.00 in a research note on Thursday, January 9th. Wells Fargo & Company decreased their price target on Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 18th. Roth Mkm increased their target price on Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Finally, StockNews.com cut Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and an average target price of $97.09.

Insider Activity

In related news, CFO Keith W. Pfeil sold 14,167 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 18.54% of the stock is currently owned by company insiders.

Globus Medical Trading Up 0.9 %

Shares of NYSE:GMED opened at $73.18 on Tuesday. Globus Medical, Inc. has a 1-year low of $49.33 and a 1-year high of $94.93. The stock has a market capitalization of $10.07 billion, a P/E ratio of 97.57, a P/E/G ratio of 1.61 and a beta of 1.19. The business has a 50-day moving average price of $81.78 and a two-hundred day moving average price of $80.02.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, topping 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 business had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. As a group, equities analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.

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.