Globus Medical, Inc. (NYSE:GMED) is Pembroke Management LTD’s Largest Position

Pembroke Management LTD lowered its stake in Globus Medical, Inc. (NYSE:GMED) by 6.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 587,639 shares of the medical device company’s stock after selling 38,962 shares during the period. Globus Medical makes up approximately 5.5% of Pembroke Management LTD’s investment portfolio, making the stock its biggest position. Pembroke Management LTD owned 0.43% of Globus Medical worth $40,247,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vestal Point Capital LP purchased a new position in Globus Medical in the fourth quarter worth about $42,632,000. Millrace Asset Group Inc. bought a new stake in Globus Medical in the fourth quarter worth about $2,103,000. Van ECK Associates Corp lifted its stake in Globus Medical by 82.6% in the fourth quarter. Van ECK Associates Corp now owns 34,380 shares of the medical device company’s stock worth $1,832,000 after purchasing an additional 15,552 shares during the last quarter. Leeward Investments LLC MA lifted its stake in Globus Medical by 27.6% in the first quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock worth $11,918,000 after purchasing an additional 48,047 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Globus Medical by 6.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,007,812 shares of the medical device company’s stock worth $53,706,000 after purchasing an additional 60,060 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insiders Place Their Bets

In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the transaction, the director now owns 16,419 shares in the company, valued at $1,149,330. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 18.54% of the company’s stock.

Globus Medical Stock Up 0.8 %

Shares of GMED traded up $0.61 during trading hours on Monday, reaching $72.70. 731,600 shares of the company traded hands, compared to its average volume of 1,075,429. The stock has a market capitalization of $9.84 billion, a P/E ratio of 113.60, a P/E/G ratio of 2.01 and a beta of 1.15. Globus Medical, Inc. has a 12-month low of $43.38 and a 12-month high of $74.21. The business has a fifty day moving average price of $70.39 and a 200-day moving average price of $61.96.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The company had revenue of $629.69 million for the quarter, compared to analyst estimates of $615.33 million. During the same period in the prior year, the company earned $0.63 earnings per share. The firm’s revenue was up 115.9% on a year-over-year basis. As a group, research analysts predict that Globus Medical, Inc. will post 2.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $60.00 to $80.00 in a research note on Monday, May 20th. Morgan Stanley lifted their price target on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Barclays lifted their price target on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Finally, Royal Bank of Canada boosted their price objective on shares of Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Globus Medical presently has an average rating of “Moderate Buy” and an average target price of $77.20.

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.