Encompass More Asset Management Takes $545,000 Position in Globus Medical, Inc. (NYSE:GMED)

Encompass More Asset Management acquired a new stake in Globus Medical, Inc. (NYSE:GMED) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,593 shares of the medical device company’s stock, valued at approximately $545,000.

A number of other institutional investors also recently bought and sold shares of the stock. Select Equity Group L.P. acquired a new stake in Globus Medical during the 2nd quarter worth about $91,711,000. Millennium Management LLC increased its position in shares of Globus Medical by 1,171.5% in the second quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after buying an additional 1,256,570 shares in the last quarter. ArrowMark Colorado Holdings LLC acquired a new position in shares of Globus Medical during the 3rd quarter worth approximately $43,947,000. Lord Abbett & CO. LLC acquired a new position in shares of Globus Medical during the 3rd quarter worth approximately $37,948,000. Finally, Parsifal Capital Management LP lifted its position in shares of Globus Medical by 50.5% during the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock valued at $96,619,000 after buying an additional 453,053 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GMED has been the subject of several recent analyst reports. Stifel Nicolaus boosted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. BTIG Research increased their target price on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Wells Fargo & Company boosted their price target on Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $80.00 to $97.00 in a report on Thursday, January 9th. Finally, Piper Sandler upped their target price on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $96.91.

Insider Activity

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. In the last quarter, insiders sold 81,667 shares of company stock worth $6,674,554. 18.54% of the stock is currently owned by company insiders.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $91.92 on Friday. The firm has a market capitalization of $12.52 billion, a PE ratio of 137.34, a price-to-earnings-growth ratio of 1.78 and a beta of 1.19. Globus Medical, Inc. has a 1 year low of $49.33 and a 1 year high of $93.67. The firm’s 50-day moving average is $84.64 and its two-hundred day moving average is $76.45.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The company had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm’s quarterly revenue was up 63.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.57 EPS. Analysts expect that Globus Medical, Inc. will post 2.98 EPS 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.