M&T Bank Corp Acquires 16,827 Shares of Globus Medical, Inc. $GMED

Key Points

• M&T Bank Corp raised its stake in Globus Medical by 389%, purchasing 16,827 shares to hold 21,153 shares worth about $1.85 million at the end of the quarter.
• Globus Medical beat expectations with quarterly EPS of $1.28 (vs. $1.06 est.) and revenue of $826.4M (up 25.7% YoY), and analysts maintain a Moderate Buy consensus with an average target of $104.36.
• EVP Kelly Huller sold 20,000 shares for roughly $1.89 million; insiders own 18.54% of the company while institutional investors control 95.16% of the stock.

M&T Bank Corp raised its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 389.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,153 shares of the medical device company's stock after purchasing an additional 16,827 shares during the period. M&T Bank Corp's holdings in Globus Medical were worth $1,847,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in GMED. AQR Capital Management LLC raised its position in shares of Globus Medical by 45.9% in the 1st quarter. AQR Capital Management LLC now owns 22,510 shares of the medical device company's stock worth $1,622,000 after acquiring an additional 7,086 shares in the last quarter. Integrated Wealth Concepts LLC raised its position in shares of Globus Medical by 33.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 4,375 shares of the medical device company's stock worth $320,000 after acquiring an additional 1,085 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Globus Medical by 38.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,649 shares of the medical device company's stock worth $2,228,000 after acquiring an additional 8,540 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of Globus Medical by 237.3% in the 1st quarter. Jones Financial Companies Lllp now owns 850 shares of the medical device company's stock worth $62,000 after acquiring an additional 598 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Globus Medical by 8.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,527 shares of the medical device company's stock worth $25,439,000 after acquiring an additional 28,027 shares in the last quarter. Institutional investors own 95.16% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Needham & Company LLC increased their target price on Globus Medical from $112.00 to $114.00 and gave the stock a "buy" rating in a research report on Wednesday, February 25th. Wells Fargo & Company raised Globus Medical to a "strong-buy" rating in a research report on Wednesday, March 18th. Zacks Research raised Globus Medical from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 3rd. Wall Street Zen raised Globus Medical from a "buy" rating to a "strong-buy" rating in a research report on Saturday, January 3rd. Finally, BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research report on Tuesday, December 30th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Globus Medical presently has a consensus rating of "Moderate Buy" and an average target price of $104.36.

Insider Activity at Globus Medical

In other Globus Medical news, EVP Kelly Huller sold 20,000 shares of Globus Medical stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $94.50, for a total value of $1,890,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 18.54% of the company's stock.

Globus Medical Trading Down 3.2%

Shares of GMED opened at $90.66 on Wednesday. The company has a market cap of $12.26 billion, a price-to-earnings ratio of 23.01, a P/E/G ratio of 2.19 and a beta of 1.09. The business's fifty day simple moving average is $90.15 and its two-hundred day simple moving average is $85.59. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 month high of $101.40.

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

Globus Medical 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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