TT International Asset Management LTD Raises Stock Holdings in Globus Medical, Inc. $GMED

Key Points

• TT International Asset Management LTD increased its holdings in Globus Medical, Inc. by 32.6%, acquiring an additional 12,478 shares in the last quarter, bringing its total ownership to 50,709 shares valued at approximately $2.99 million.
• Globus Medical recently reported a quarterly earnings per share of $0.86, surpassing estimates, with revenues of $745.34 million, reflecting an 18.4% increase year-over-year.
• Institutional investors own a significant 95.16% of Globus Medical's stock, indicating strong institutional confidence in the company.

TT International Asset Management LTD raised its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 32.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,709 shares of the medical device company's stock after buying an additional 12,478 shares during the quarter. Globus Medical accounts for 0.6% of TT International Asset Management LTD's holdings, making the stock its 24th biggest holding. TT International Asset Management LTD's holdings in Globus Medical were worth $2,993,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Farther Finance Advisors LLC raised its position in shares of Globus Medical by 145.5% during the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after acquiring an additional 240 shares during the last quarter. Larson Financial Group LLC boosted its holdings in shares of Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after purchasing an additional 393 shares in the last quarter. Parallel Advisors LLC lifted its stake in shares of Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after acquiring an additional 193 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock valued at $40,000 after acquiring an additional 494 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its position in Globus Medical by 202.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company's stock valued at $42,000 after purchasing an additional 383 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Trading Down 1.4%

NYSE:GMED traded down $0.82 during trading hours on Friday, hitting $55.93. 3,139,988 shares of the company traded hands, compared to its average volume of 982,380. The stock has a market capitalization of $7.55 billion, a price-to-earnings ratio of 21.51, a P/E/G ratio of 1.53 and a beta of 1.16. The firm has a 50-day moving average of $57.78 and a 200 day moving average of $63.02. Globus Medical, Inc. has a twelve month low of $51.79 and a twelve month high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.10. The business had revenue of $745.34 million during the quarter, compared to analysts' expectations of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The firm's revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.75 earnings per share. Equities research analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Insider Transactions at Globus Medical

In related news, Director Ann D. Rhoads sold 10,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the transaction, the director directly owned 25,384 shares in the company, valued at approximately $1,483,948.64. This represents a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 18.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Canaccord Genuity Group cut their price target on Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research note on Tuesday, July 22nd. BTIG Research reissued a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research report on Saturday, September 13th. 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 report on Friday, August 8th. Finally, JMP Securities restated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Eight investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average 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.