Leith Wheeler Investment Counsel Ltd. Grows Stake in Globus Medical, Inc. $GMED

Leith Wheeler Investment Counsel Ltd. increased its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 10.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 190,338 shares of the medical device company’s stock after purchasing an additional 18,690 shares during the period. Leith Wheeler Investment Counsel Ltd.’s holdings in Globus Medical were worth $11,234,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of GMED. Envestnet Asset Management Inc. lifted its stake in shares of 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 buying an additional 136,955 shares in the last quarter. Inspire Investing LLC acquired a new stake in Globus Medical in the 1st quarter valued at about $767,000. Foresight Group Ltd Liability Partnership purchased a new position in Globus Medical in the 1st quarter worth approximately $11,995,000. Amundi boosted its holdings in shares of Globus Medical by 642,750.0% during the 1st quarter. Amundi now owns 25,714 shares of the medical device company’s stock worth $1,852,000 after purchasing an additional 25,710 shares during the last quarter. Finally, Pinnacle Wealth Management LLC purchased a new stake in shares of Globus Medical in the first quarter valued at approximately $664,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Stock Performance

Globus Medical stock opened at $86.37 on Tuesday. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93. The firm has a 50 day moving average price of $60.33 and a 200 day moving average price of $59.95. The company has a market capitalization of $11.66 billion, a PE ratio of 33.22, a price-to-earnings-growth ratio of 1.68 and a beta of 1.15.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, November 6th. The medical device company reported $1.18 EPS for the quarter, topping the consensus estimate of $0.79 by $0.39. The business had revenue of $769.05 million during the quarter, compared to analyst estimates of $734.58 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The company’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period last year, the business posted $0.83 earnings per share. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. As a group, equities research analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Insider Buying and Selling

In other Globus Medical news, Director Ann D. Rhoads sold 10,000 shares of Globus Medical stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $58.46, for a total value of $584,600.00. Following the completion of the transaction, the director directly owned 25,384 shares of the company’s stock, valued at $1,483,948.64. The trade was a 28.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders sold 20,000 shares of company stock worth $1,402,600. Company insiders own 18.51% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on GMED. Barclays boosted their price objective on Globus Medical from $106.00 to $114.00 and gave the stock an “overweight” rating in a research note on Monday. Truist Financial raised shares of Globus Medical from a “hold” rating to a “buy” rating and boosted their price target for the company from $65.00 to $93.00 in a research report on Friday. Royal Bank Of Canada raised their price objective on shares of Globus Medical from $88.00 to $92.00 and gave the stock an “outperform” rating in a research report on Friday. Stifel Nicolaus initiated coverage on shares of Globus Medical in a research note on Tuesday, October 28th. They set a “hold” rating and a $64.00 target price on the stock. Finally, Canaccord Genuity Group decreased their target price 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. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $88.82.

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.