Verdence Capital Advisors LLC Buys 8,223 Shares of Globus Medical, Inc. $GMED

Verdence Capital Advisors LLC lifted its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 148.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,770 shares of the medical device company's stock after acquiring an additional 8,223 shares during the quarter. Verdence Capital Advisors LLC's holdings in Globus Medical were worth $813,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Berry Wealth Group LP grew its stake in shares of Globus Medical by 4.2% in the first 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 period. HB Wealth Management LLC boosted its holdings in shares of Globus Medical by 4.7% in the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company's stock worth $278,000 after buying an additional 170 shares during the last quarter. Whittier Trust Co. boosted its holdings in shares of Globus Medical by 46.5% in the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after buying an additional 184 shares during the last quarter. Capital Investment Counsel Inc boosted its holdings in shares of Globus Medical by 0.9% in the first quarter. Capital Investment Counsel Inc now owns 22,490 shares of the medical device company's stock worth $1,646,000 after buying an additional 200 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Globus Medical by 30.9% in the first quarter. First Horizon Advisors Inc. now owns 872 shares of the medical device company's stock worth $64,000 after buying an additional 206 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

GMED has been the topic of a number of research reports. Morgan Stanley dropped their price objective on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Wall Street Zen downgraded shares of Globus Medical from a "buy" rating to a "hold" rating in a report on Friday, September 26th. Weiss Ratings reissued a "hold (c)" rating on shares of Globus Medical in a report on Wednesday, October 8th. Wells Fargo & Company dropped their price objective on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Finally, Canaccord Genuity Group lowered their price target on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a report on Tuesday, July 22nd. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, Globus Medical has a consensus rating of "Moderate Buy" and an average target price of $87.27.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $58.03 on Wednesday. Globus Medical, Inc. has a 1-year low of $51.79 and a 1-year high of $94.93. The company has a market capitalization of $7.84 billion, a P/E ratio of 22.32, a P/E/G ratio of 1.57 and a beta of 1.12. The firm's 50 day simple moving average is $58.94 and its two-hundred day simple moving average is $61.14.

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 net margin of 13.58% and a return on equity of 10.65%. The business had revenue of $745.34 million for the quarter, compared to the consensus estimate of $738.91 million. During the same quarter in the previous year, the firm earned $0.75 earnings per share. The company's revenue for the quarter was up 18.4% on a year-over-year basis. On average, sell-side analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ann D. Rhoads sold 10,000 shares of Globus Medical stock in a transaction that occurred on Monday, September 15th. The shares were 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 $1,483,948.64. This trade represents a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 18.54% of the stock is currently owned by insiders.

Globus Medical Company Profile

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.

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