Swedbank AB Buys 23,000 Shares of Globus Medical, Inc. $GMED

Key Points

• Swedbank AB increased its stake in Globus Medical by 4.8%, bringing its total to approximately 498,489 shares valued at $36.5 million at the end of the last reporting period.
• Globus Medical reported $0.86 earnings per share for the last quarter, surpassing analysts' expectations and showing an 18.4% revenue increase compared to the previous year.
• Analysts have a consensus rating of "Moderate Buy" for Globus Medical, with an average price target set at $87.64.

Swedbank AB grew its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 4.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 498,489 shares of the medical device company's stock after purchasing an additional 23,000 shares during the quarter. Swedbank AB owned approximately 0.37% of Globus Medical worth $36,489,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in GMED. Envestnet Asset Management Inc. lifted its stake in Globus Medical by 49.5% in the first quarter. Envestnet Asset Management Inc. now owns 413,366 shares of the medical device company's stock worth $30,258,000 after acquiring an additional 136,955 shares during the period. Illinois Municipal Retirement Fund purchased a new stake in Globus Medical in the first quarter worth $587,000. New York State Teachers Retirement System lifted its stake in Globus Medical by 1.2% in the first quarter. New York State Teachers Retirement System now owns 88,143 shares of the medical device company's stock worth $6,452,000 after acquiring an additional 1,027 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Globus Medical in the first quarter worth $753,000. Finally, GAMMA Investing LLC lifted its stake in Globus Medical by 20.3% in the first quarter. GAMMA Investing LLC now owns 1,514 shares of the medical device company's stock worth $111,000 after acquiring an additional 256 shares during the period. Hedge funds and other institutional investors own 95.16% of the company's stock.

Insider Buying and Selling at Globus Medical

In other news, Director Ann D. Rhoads sold 10,000 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $58.46, for a total transaction of $584,600.00. Following the completion of the transaction, the director directly owned 25,384 shares in the company, valued at $1,483,948.64. This trade represents a 28.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 18.51% of the stock is owned by insiders.

Globus Medical Trading Up 0.8%

Globus Medical stock traded up $0.47 on Thursday, hitting $56.69. 451,843 shares of the stock traded hands, compared to its average volume of 1,397,236. The firm has a market cap of $7.66 billion, a P/E ratio of 21.82, a price-to-earnings-growth ratio of 1.58 and a beta of 1.16. The business's fifty day simple moving average is $57.82 and its 200 day simple moving average is $63.43. Globus Medical, Inc. has a 1 year low of $51.79 and a 1 year high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $738.91 million. During the same period last year, the company earned $0.75 earnings per share. The company's revenue was up 18.4% on a year-over-year basis. As a group, analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GMED. Wells Fargo & Company dropped their price target on Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Canaccord Genuity Group dropped their price target on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research note on Tuesday, July 22nd. Wall Street Zen raised Globus Medical from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. Morgan Stanley lowered their price objective 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. Finally, BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Eight research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Globus Medical has a consensus rating of "Moderate Buy" and a consensus price target of $87.64.

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.