Bessemer Group Inc. Grows Position in Globus Medical, Inc. (NYSE:GMED)

Bessemer Group Inc. boosted its position in Globus Medical, Inc. (NYSE:GMED) by 26.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 34,951 shares of the medical device company’s stock after purchasing an additional 7,294 shares during the quarter. Bessemer Group Inc.’s holdings in Globus Medical were worth $1,875,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of GMED. Radnor Capital Management LLC increased its holdings in shares of Globus Medical by 0.7% during the 1st quarter. Radnor Capital Management LLC now owns 29,101 shares of the medical device company’s stock worth $1,561,000 after buying an additional 215 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Globus Medical by 3.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 7,094 shares of the medical device company’s stock valued at $378,000 after buying an additional 244 shares during the period. Covestor Ltd grew its stake in Globus Medical by 12.7% during the first quarter. Covestor Ltd now owns 2,243 shares of the medical device company’s stock worth $120,000 after buying an additional 252 shares during the period. Allworth Financial LP raised its stake in shares of Globus Medical by 25.7% in the 4th quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock valued at $66,000 after acquiring an additional 254 shares during the period. Finally, Retirement Systems of Alabama boosted its position in Globus Medical by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 144,866 shares of the medical device company’s stock worth $7,771,000 after purchasing an additional 380 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on GMED. Stifel Nicolaus boosted their price objective on Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Wednesday, May 8th. Barclays raised their price target on shares of Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. BTIG Research lifted their price target on shares of Globus Medical from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Finally, Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $60.00 to $80.00 in a research report on Monday, May 20th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.30.

Insider Transactions at Globus Medical

In other news, Director Leslie V. Norwalk sold 1,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the transaction, the director now directly owns 16,419 shares in the company, valued at $1,149,330. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Dan Lemaitre sold 63,300 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the sale, the director now directly owns 16,419 shares in the company, valued at $1,149,330. The disclosure for this sale can be found here. Over the last quarter, insiders sold 84,300 shares of company stock valued at $5,459,813. 18.54% of the stock is currently owned by corporate insiders.

Globus Medical Stock Performance

Shares of Globus Medical stock traded up $0.36 during trading hours on Thursday, reaching $73.02. The company’s stock had a trading volume of 220,142 shares, compared to its average volume of 1,078,152. Globus Medical, Inc. has a one year low of $43.38 and a one year high of $74.16. The company’s 50 day simple moving average is $67.91 and its 200 day simple moving average is $58.74. The stock has a market cap of $9.88 billion, a P/E ratio of 113.53, a price-to-earnings-growth ratio of 2.04 and a beta of 1.15.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.17. The company had revenue of $606.67 million during the quarter, compared to the consensus estimate of $586.82 million. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The company’s revenue for the quarter was up 119.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 earnings per share. On average, sell-side analysts predict that Globus Medical, Inc. will post 2.82 earnings per share for the current fiscal year.

Globus Medical Company 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.