CIBC Private Wealth Group LLC Buys 135,177 Shares of Globus Medical, Inc. (NYSE:GMED)

CIBC Private Wealth Group LLC lifted its stake in Globus Medical, Inc. (NYSE:GMED) by 8,104.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 136,845 shares of the medical device company’s stock after acquiring an additional 135,177 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Globus Medical were worth $11,844,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Oak Thistle LLC bought a new stake in shares of Globus Medical in the fourth quarter worth $376,000. bLong Financial LLC purchased a new position in Globus Medical during the fourth quarter valued at $397,000. Kathmere Capital Management LLC purchased a new position in shares of Globus Medical during the 4th quarter valued at about $23,091,000. State Street Corp boosted its position in shares of Globus Medical by 2.3% in the third 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 period. Finally, HB Wealth Management LLC purchased a new stake in Globus Medical in the 4th quarter worth $301,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 18.54% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and upped their price target for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. Roth Mkm increased their price target on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Finally, Truist Financial reduced their target price on shares of Globus Medical from $90.00 to $82.00 and set a “hold” rating on the stock in a research note on Tuesday, March 18th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $97.09.

Globus Medical Stock Up 0.9 %

Shares of GMED opened at $73.18 on Tuesday. Globus Medical, Inc. has a 52-week low of $49.33 and a 52-week high of $94.93. The stock has a fifty day simple moving average of $81.78 and a two-hundred day simple moving average of $80.02. The company has a market capitalization of $10.07 billion, a PE ratio of 97.57, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data 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 firm had revenue of $657.29 million during the quarter, compared to analysts’ expectations of $646.19 million. As a group, equities analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal 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.