Cornercap Investment Counsel Inc. Sells 562 Shares of Globus Medical, Inc. (NYSE:GMED)

Cornercap Investment Counsel Inc. cut its stake in Globus Medical, Inc. (NYSE:GMED) by 3.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,740 shares of the medical device company’s stock after selling 562 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Globus Medical were worth $839,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in GMED. Vanguard Group Inc. grew its holdings in Globus Medical by 49.7% during the 3rd quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock worth $558,339,000 after acquiring an additional 3,732,959 shares in the last quarter. BlackRock Inc. lifted its position in shares of Globus Medical by 0.5% during the first quarter. BlackRock Inc. now owns 7,508,520 shares of the medical device company’s stock valued at $425,283,000 after buying an additional 33,806 shares during the last quarter. Nuance Investments LLC lifted its position in shares of Globus Medical by 36.8% during the third quarter. Nuance Investments LLC now owns 3,620,518 shares of the medical device company’s stock valued at $179,759,000 after buying an additional 974,693 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Globus Medical by 0.6% during the first quarter. Wellington Management Group LLP now owns 3,236,599 shares of the medical device company’s stock valued at $238,796,000 after buying an additional 20,375 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Globus Medical by 80.0% during the third quarter. Bank of New York Mellon Corp now owns 2,406,682 shares of the medical device company’s stock valued at $119,492,000 after buying an additional 1,069,419 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

Insider Transactions at Globus Medical

In other news, Director Leslie V. Norwalk sold 10,590 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $51.99, for a total transaction of $550,574.10. Following the sale, the director now owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 24.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Truist Financial increased their price target on shares of Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Stifel Nicolaus increased their price objective on shares of Globus Medical from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. BTIG Research raised shares of Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Monday, March 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of Globus Medical in a research report on Thursday, January 11th. Finally, Canaccord Genuity Group increased their price objective on shares of Globus Medical from $67.00 to $71.00 and gave the company a “buy” rating in a research report on Wednesday, December 20th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $66.33.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $51.81 on Tuesday. Globus Medical, Inc. has a twelve month low of $43.38 and a twelve month high of $62.88. The company’s 50 day moving average is $53.32 and its 200 day moving average is $51.36. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. The company has a market cap of $7.01 billion, a PE ratio of 44.28, a price-to-earnings-growth ratio of 1.52 and a beta of 1.08.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, February 20th. The medical device company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. The business had revenue of $616.53 million for the quarter, compared to analysts’ expectations of $608.21 million. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The business’s revenue was up 124.6% on a year-over-year basis. During the same quarter last year, the company earned $0.59 EPS. On average, sell-side analysts forecast that Globus Medical, Inc. will post 2.69 EPS for the current year.

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.