Globus Medical, Inc. $GMED Shares Purchased by Artemis Investment Management LLP

Key Points

• Artemis Investment Management boosted its stake in Globus Medical by 43.7% in Q4, buying 224,587 shares to hold 738,595 shares (about 0.55% of the company) worth roughly $64.49 million amid very high institutional ownership.
• Globus Medical beat quarterly expectations, reporting $1.28 EPS vs. $1.06 expected and revenue of $826.4 million (up 25.7% year-over-year), outperforming analysts' revenue forecasts of $803.3 million.
• Wall Street sentiment has turned more positive with several upgrades and higher price targets; the consensus rating is a “Moderate Buy” with an average price target of $104.36.

Artemis Investment Management LLP boosted its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 43.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 738,595 shares of the medical device company's stock after purchasing an additional 224,587 shares during the quarter. Artemis Investment Management LLP owned about 0.55% of Globus Medical worth $64,487,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Advisory Services Network LLC acquired a new stake in shares of Globus Medical during the third quarter worth $26,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Globus Medical by 74.3% during the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company's stock worth $27,000 after purchasing an additional 197 shares during the period. First Horizon Corp acquired a new stake in shares of Globus Medical during the third quarter worth $31,000. Parallel Advisors LLC lifted its holdings in shares of Globus Medical by 45.1% during the third quarter. Parallel Advisors LLC now owns 557 shares of the medical device company's stock worth $32,000 after purchasing an additional 173 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Globus Medical during the third quarter worth $36,000. 95.16% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Globus Medical news, EVP Kelly Huller sold 20,000 shares of the business's stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $94.50, for a total transaction of $1,890,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 18.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GMED. Citigroup reissued a "market perform" rating on shares of Globus Medical in a report on Thursday, January 8th. Piper Sandler reissued an "overweight" rating and issued a $115.00 target price (up from $90.00) on shares of Globus Medical in a report on Thursday, January 8th. Barclays raised their target price on Globus Medical from $118.00 to $123.00 and gave the company an "overweight" rating in a report on Wednesday, February 25th. Wall Street Zen raised Globus Medical from a "buy" rating to a "strong-buy" rating in a report on Saturday, January 3rd. Finally, TD Cowen raised Globus Medical to a "strong-buy" rating in a report on Tuesday, January 27th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $104.36.

Globus Medical Price Performance

NYSE GMED opened at $91.29 on Friday. The business's 50-day simple moving average is $90.09 and its 200-day simple moving average is $85.64. The firm has a market capitalization of $12.35 billion, a P/E ratio of 23.17, a P/E/G ratio of 2.11 and a beta of 1.09. Globus Medical, Inc. has a 1-year low of $51.79 and a 1-year high of $101.40.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.06 by $0.22. The firm had revenue of $826.42 million during the quarter, compared to analysts' expectations of $803.29 million. Globus Medical had a return on equity of 12.57% and a net margin of 18.30%.Globus Medical's quarterly revenue was up 25.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.84 EPS. On average, equities research analysts expect that Globus Medical, Inc. will post 4.46 EPS for the current fiscal year.

Globus Medical Company Profile

Globus Medical, Inc NYSE: GMED is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.

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