Exchange Traded Concepts LLC Has $12.57 Million Stock 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 increased its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 22.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 212,937 shares of the medical device company's stock after acquiring an additional 39,155 shares during the quarter. Exchange Traded Concepts LLC owned about 0.16% of Globus Medical worth $12,568,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Berry Wealth Group LP grew its position in shares of Globus Medical by 4.2% in the first quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock valued at $260,000 after purchasing an additional 144 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Globus Medical by 2.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock worth $479,000 after buying an additional 150 shares during the last quarter. HB Wealth Management LLC lifted its holdings in shares of Globus Medical by 4.7% during the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company's stock worth $278,000 after buying an additional 170 shares during the last quarter. Whittier Trust Co. lifted its holdings in shares of 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 during the last quarter. Finally, Parallel Advisors LLC lifted its holdings in shares of 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 during the last quarter. Institutional investors own 95.16% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GMED. Wall Street Zen raised shares of Globus Medical from a "hold" rating to a "buy" rating in a research report 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 for the company 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 for the company in a research note on Friday, August 8th. Canaccord Genuity Group cut their price target on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a report on Tuesday, July 22nd. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Eight research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $87.64.

Insiders Place Their Bets

In other news, Director Ann D. Rhoads sold 10,000 shares of Globus Medical stock in a transaction on Monday, September 15th. The stock was sold at an average price of $58.46, for a total value of $584,600.00. Following the completion of the sale, the director directly owned 25,384 shares of the company's stock, valued at approximately $1,483,948.64. This trade represents a 28.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 18.51% of the stock is owned by company insiders.

Globus Medical Stock Up 0.9%

Shares of NYSE:GMED opened at $56.72 on Friday. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 month high of $94.93. The company's 50-day moving average price is $57.80 and its two-hundred day moving average price is $63.28. The firm has a market cap of $7.66 billion, a P/E ratio of 21.82, a P/E/G ratio of 1.54 and a beta of 1.16.

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

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