Argent Capital Management LLC lifted its position in Globus Medical, Inc. (NYSE:GMED) by 32.0% during the 1st quarter, HoldingsChannel.com reports. The fund owned 9,749 shares of the medical device company’s stock after buying an additional 2,366 shares during the quarter. Argent Capital Management LLC’s holdings in Globus Medical were worth $601,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of GMED. Norges Bank purchased a new stake in shares of Globus Medical in the fourth quarter worth approximately $46,875,000. Geneva Capital Management LLC boosted its stake in shares of Globus Medical by 33.7% during the 1st quarter. Geneva Capital Management LLC now owns 1,277,448 shares of the medical device company’s stock valued at $78,781,000 after buying an additional 322,334 shares during the period. BlackRock Inc. grew its holdings in shares of Globus Medical by 2.8% during the 4th quarter. BlackRock Inc. now owns 7,405,902 shares of the medical device company’s stock valued at $483,013,000 after acquiring an additional 204,321 shares in the last quarter. Nicholas Company Inc. acquired a new position in shares of Globus Medical in the fourth quarter worth $11,821,000. Finally, Pembroke Management LTD raised its holdings in shares of Globus Medical by 25.1% during the fourth quarter. Pembroke Management LTD now owns 613,931 shares of the medical device company’s stock worth $40,041,000 after acquiring an additional 123,060 shares in the last quarter. Institutional investors and hedge funds own 66.60% of the company’s stock.
In related news, Director James R. Tobin sold 25,000 shares of the company’s stock in a transaction on Monday, May 10th. The stock was sold at an average price of $71.96, for a total value of $1,799,000.00. Following the completion of the transaction, the director now directly owns 25,000 shares in the company, valued at $1,799,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith W. Pfeil sold 5,021 shares of Globus Medical stock in a transaction on Wednesday, May 5th. The stock was sold at an average price of $75.00, for a total transaction of $376,575.00. Following the sale, the chief financial officer now owns 5,021 shares in the company, valued at approximately $376,575. The disclosure for this sale can be found here. In the last quarter, insiders sold 295,543 shares of company stock valued at $21,171,311. 25.63% of the stock is owned by corporate insiders.
Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, May 4th. The medical device company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.12. The company had revenue of $227.34 million during the quarter, compared to analysts’ expectations of $196.89 million. Globus Medical had a return on equity of 11.33% and a net margin of 14.73%. Globus Medical’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.29 earnings per share. On average, sell-side analysts anticipate that Globus Medical, Inc. will post 1.89 EPS for the current fiscal year.
Several equities research analysts have recently issued reports on GMED shares. Citigroup lifted their price target on Globus Medical from $77.00 to $81.00 in a report on Wednesday, May 5th. Wells Fargo & Company lifted their target price on shares of Globus Medical from $71.00 to $78.00 and gave the company an “overweight” rating in a research note on Wednesday, May 5th. Zacks Investment Research lowered shares of Globus Medical from a “buy” rating to a “hold” rating and set a $75.00 price target on the stock. in a research note on Friday, April 23rd. BTIG Research lifted their price objective on shares of Globus Medical from $72.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, May 5th. They noted that the move was a valuation call. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their target price on shares of Globus Medical from $77.00 to $81.00 in a research report on Wednesday, May 5th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $73.53.
Globus Medical Profile
Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders. Its offers spine products, such as consists of traditional fusion implants, such as pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative, deformity, tumors, and trauma conditions; treatment options for motion preservation technologies, such as dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional pain management solutions to treat vertebral compression fractures; and regenerative biologic products, comprising of allografts and synthetic alternatives.
Read More: Net Income
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).
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.