Horizon Investments LLC Acquires New Position in Globus Medical, Inc. $GMED

Key Points

• Horizon Investments LLC opened a new stake in Globus Medical in Q4, buying 65,881 shares worth about $5.75 million as part of heavy institutional ownership (95.16%).
• Globus beat Q4 estimates, reporting $1.28 EPS vs. $1.06 expected and $826.42M revenue (up 25.7% year-over-year), underpinning a $12.35B market cap and recent price strength.
• Analysts have raised targets (several to $115) and the consensus rating is a “Moderate Buy” with a $104.36 target, while EVP Kelly Huller sold 20,000 shares for $1.89M at an average $94.50.

Horizon Investments LLC acquired a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 65,881 shares of the medical device company's stock, valued at approximately $5,752,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. New York State Teachers Retirement System raised its position in Globus Medical by 10.5% during the 4th quarter. New York State Teachers Retirement System now owns 96,951 shares of the medical device company's stock worth $8,465,000 after buying an additional 9,236 shares during the last quarter. Precision Wealth Strategies LLC purchased a new position in Globus Medical during the 4th quarter worth approximately $547,000. Torren Management LLC purchased a new position in Globus Medical during the 4th quarter worth approximately $60,000. M&T Bank Corp raised its position in Globus Medical by 72.3% during the 4th quarter. M&T Bank Corp now owns 7,453 shares of the medical device company's stock worth $651,000 after buying an additional 3,127 shares during the last quarter. Finally, Comerica Bank raised its position in Globus Medical by 36.4% during the 4th quarter. Comerica Bank now owns 69,943 shares of the medical device company's stock worth $6,107,000 after buying an additional 18,670 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Globus Medical news, EVP Kelly Huller sold 20,000 shares of Globus Medical stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $94.50, for a total transaction of $1,890,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 18.38% of the company's stock.

Globus Medical Stock Performance

Shares of NYSE GMED opened at $91.29 on Monday. The firm has a market cap of $12.35 billion, a PE ratio of 23.17, a PEG ratio of 2.13 and a beta of 1.00. The firm has a fifty day moving average of $90.09 and a 200 day moving average of $86.03. Globus Medical, Inc. has a one year low of $51.79 and a one year high of $101.40.

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Piper Sandler reissued an "overweight" rating and set a $115.00 price target (up from $90.00) on shares of Globus Medical in a research report on Thursday, January 8th. Citigroup reissued a "market perform" rating on shares of Globus Medical in a research report on Thursday, January 8th. Truist Financial set a $115.00 price target on shares of Globus Medical in a research report on Wednesday, February 25th. Weiss Ratings reissued a "hold (c+)" rating on shares of Globus Medical in a research report on Wednesday, April 15th. Finally, Needham & Company LLC raised their price target on shares of Globus Medical from $112.00 to $114.00 and gave the stock a "buy" rating in a research report on Wednesday, February 25th. Three investment 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. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $104.36.

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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