Swedbank AB Boosts Stock Position in Globus Medical, Inc. $GMED

Key Points

• Swedbank AB raised its stake in Globus Medical by 26.2% during the second quarter, owning 629,075 shares valued at approximately $37.1 million.
• Globus Medical reported a quarterly earnings per share of $0.86, beating analysts' expectations and marking an 18.4% increase in year-over-year revenue.
• Analysts maintain a consensus rating of "Moderate Buy" for GMED with a target price averaging $87.64 per share.

Swedbank AB grew its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 26.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 629,075 shares of the medical device company's stock after purchasing an additional 130,586 shares during the period. Swedbank AB owned approximately 0.46% of Globus Medical worth $37,128,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Berry Wealth Group LP lifted its stake in shares of Globus Medical by 4.2% during the 1st quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock worth $260,000 after acquiring an additional 144 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Globus Medical by 2.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock worth $479,000 after acquiring an additional 150 shares during the last quarter. HB Wealth Management LLC lifted its stake in shares of Globus Medical by 4.7% during the 1st quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company's stock worth $278,000 after acquiring an additional 170 shares during the last quarter. Whittier Trust Co. lifted its stake in shares of Globus Medical by 46.5% during the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after acquiring an additional 184 shares during the last quarter. Finally, Parallel Advisors LLC lifted its stake in shares of Globus Medical by 62.1% during the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after acquiring an additional 193 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Performance

GMED stock traded up $0.12 on Tuesday, hitting $56.93. 107,310 shares of the company's stock were exchanged, compared to its average volume of 1,405,588. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $94.93. The firm has a 50 day moving average price of $57.77 and a two-hundred day moving average price of $62.78. The stock has a market cap of $7.69 billion, a P/E ratio of 21.89, a price-to-earnings-growth ratio of 1.53 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 for the quarter, topping the consensus estimate of $0.76 by $0.10. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The firm had revenue of $745.34 million for the quarter, compared to the consensus estimate of $738.91 million. During the same period in the previous year, the business earned $0.75 EPS. The firm's revenue for the quarter was up 18.4% on a year-over-year basis. Sell-side analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on GMED shares. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Canaccord Genuity Group decreased their target price on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research report on Tuesday, July 22nd. Finally, Morgan Stanley decreased their target price on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $87.64.

Insiders Place Their Bets

In other Globus Medical news, Director Ann D. Rhoads sold 10,000 shares of the business's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $58.46, for a total transaction of $584,600.00. Following the sale, the director owned 25,384 shares in the company, valued at approximately $1,483,948.64. The trade was a 28.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 18.54% of the company's stock.

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.