Exchange Traded Concepts LLC Has $12.57 Million Position in Globus Medical, Inc. $GMED

Key Points

• Exchange Traded Concepts LLC increased its stake in Globus Medical, Inc. by 22.5% in Q2, holding approximately $12.57 million worth of shares after acquiring an additional 39,155 shares.
• Globus Medical's earnings report showed a quarterly revenue increase of 18.4% year-over-year, with earnings per share of $0.86, surpassing analysts' expectations.
• Analysts have a consensus rating of "Moderate Buy" for Globus Medical, with an average target price of $87.64, as multiple brokerages recently adjusted their price targets after analyzing the company's performance.

Exchange Traded Concepts LLC boosted its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 22.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 212,937 shares of the medical device company's stock after buying an additional 39,155 shares during the period. Exchange Traded Concepts LLC owned about 0.16% of Globus Medical worth $12,568,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of GMED. Farther Finance Advisors LLC boosted its stake in Globus Medical by 145.5% during the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after buying an additional 240 shares in the last quarter. Larson Financial Group LLC boosted its stake in Globus Medical by 1,007.7% during the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after buying an additional 393 shares in the last quarter. Parallel Advisors LLC boosted its stake in Globus Medical by 62.1% during the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after buying an additional 193 shares in the last quarter. Versant Capital Management Inc boosted its stake in Globus Medical by 932.1% during the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after buying an additional 494 shares in the last quarter. Finally, Whittier Trust Co. boosted its stake in Globus Medical by 46.5% during the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after buying an additional 184 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Insider Transactions at Globus Medical

In related news, Director Ann D. Rhoads sold 10,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $58.46, for a total transaction of $584,600.00. Following the transaction, the director owned 25,384 shares in the company, valued at $1,483,948.64. This represents a 28.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 18.54% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on GMED shares. Wall Street Zen upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. Morgan Stanley reduced their target price on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Wells Fargo & Company reduced their target price on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Barclays restated an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Finally, JMP Securities restated a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Eight investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Globus Medical currently has an average rating of "Moderate Buy" and an average price target of $87.64.

Globus Medical Trading Up 1.8%

NYSE GMED traded up $0.99 on Monday, hitting $56.90. 1,064,412 shares of the company were exchanged, compared to its average volume of 1,103,412. The firm has a 50 day moving average of $57.77 and a two-hundred day moving average of $62.78. The company has a market cap of $7.68 billion, a P/E ratio of 21.88, a P/E/G ratio of 1.53 and a beta of 1.16. Globus Medical, Inc. has a 1-year low of $51.79 and a 1-year high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.10. The business had revenue of $745.34 million for the quarter, compared to the consensus estimate of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The firm's quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.75 EPS. Research analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

About Globus Medical

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.