TT International Asset Management LTD Purchases New Shares in Globus Medical, Inc. (NYSE:GMED)

TT International Asset Management LTD purchased a new stake in Globus Medical, Inc. (NYSE:GMED) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 44,309 shares of the medical device company’s stock, valued at approximately $3,169,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of GMED. V Square Quantitative Management LLC purchased a new stake in Globus Medical in the 3rd quarter valued at $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in Globus Medical in the 2nd quarter valued at $33,000. Quarry LP raised its position in Globus Medical by 698.4% in the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after purchasing an additional 433 shares during the last quarter. Farther Finance Advisors LLC raised its position in Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in Globus Medical in the 2nd quarter valued at $52,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

GMED has been the topic of several recent research reports. Bank of America boosted their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, November 6th. Piper Sandler boosted their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. Canaccord Genuity Group boosted their price objective on shares of Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a research note on Monday. Finally, Royal Bank of Canada boosted their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.36.

Globus Medical Price Performance

NYSE:GMED opened at $82.92 on Wednesday. Globus Medical, Inc. has a fifty-two week low of $46.26 and a fifty-two week high of $87.22. The stock has a market cap of $11.29 billion, a PE ratio of 123.75, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19. The firm’s fifty day simple moving average is $77.81 and its 200-day simple moving average is $72.40.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same period in the prior year, the company posted $0.57 EPS. The business’s revenue for the quarter was up 63.1% on a year-over-year basis. Equities analysts anticipate that Globus Medical, Inc. will post 2.97 earnings per share for the current year.

Insider Buying and Selling

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. This represents a 25.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold 112,500 shares of company stock worth $8,730,350 in the last three months. Corporate insiders own 18.54% of the company’s stock.

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.