Globus Medical, Inc. $GMED Holdings Lifted by Covea Finance

Key Points

• Covea Finance increased its stake in Globus Medical by 92.5% during the second quarter, acquiring an additional 70,700 shares and bringing its total holdings to 147,100 shares valued at approximately $8.68 million.
• Globus Medical reported a quarterly EPS of $0.86, exceeding analyst estimates of $0.76, and achieved a revenue of $745.34 million for the quarter, up 18.4% year-over-year.
• Analysts have set a consensus price target of $87.64 for Globus Medical, with the stock currently rated as a "Moderate Buy" by eight analysts and "Hold" by five.

Covea Finance lifted its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 92.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 147,100 shares of the medical device company's stock after acquiring an additional 70,700 shares during the period. Covea Finance owned 0.11% of Globus Medical worth $8,682,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in GMED. Invesco Ltd. lifted its stake in shares of Globus Medical by 331.9% in the 1st quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company's stock worth $147,949,000 after acquiring an additional 1,553,154 shares during the period. Nuveen LLC acquired a new stake in shares of Globus Medical in the 1st quarter worth approximately $54,669,000. Truist Financial Corp lifted its stake in shares of Globus Medical by 640.7% in the 1st quarter. Truist Financial Corp now owns 508,318 shares of the medical device company's stock worth $37,209,000 after acquiring an additional 439,693 shares during the period. Driehaus Capital Management LLC lifted its stake in shares of Globus Medical by 60.1% in the 1st quarter. Driehaus Capital Management LLC now owns 873,784 shares of the medical device company's stock worth $63,961,000 after acquiring an additional 328,040 shares during the period. Finally, Smith Group Asset Management LLC acquired a new stake in shares of Globus Medical in the 1st quarter worth approximately $23,900,000. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Stock Performance

Globus Medical stock opened at $56.90 on Tuesday. The firm has a market cap of $7.68 billion, a PE ratio of 21.88, a P/E/G ratio of 1.53 and a beta of 1.16. The firm's 50 day moving average price is $57.77 and its two-hundred day moving average price is $62.78. Globus Medical, Inc. has a twelve month low of $51.79 and a twelve month high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, topping the consensus estimate 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 quarter in the prior year, the business posted $0.75 EPS. Globus Medical's quarterly revenue was up 18.4% on a year-over-year basis. Equities analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on GMED. Wells Fargo & Company reduced their price target 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. Wall Street Zen raised shares of Globus Medical from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research note on Monday, July 21st. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Finally, BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research note 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $87.64.

Insider Activity at Globus Medical

In other news, Director Ann D. Rhoads sold 10,000 shares of the stock in a transaction on 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 document filed with the SEC, which can be accessed through this hyperlink. 18.54% of the stock is currently owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.