Synovus Financial Corp Purchases 1,281 Shares of Globus Medical, Inc. (NYSE:GMED)

Synovus Financial Corp grew its position in shares of Globus Medical, Inc. (NYSE:GMED) by 9.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 14,311 shares of the medical device company’s stock after buying an additional 1,281 shares during the quarter. Synovus Financial Corp’s holdings in Globus Medical were worth $1,024,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its position in Globus Medical by 12.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 5,497 shares of the medical device company’s stock worth $376,000 after acquiring an additional 609 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of Globus Medical by 5.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,017 shares of the medical device company’s stock valued at $481,000 after buying an additional 390 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Globus Medical in the second quarter valued at about $3,593,000. Raymond James & Associates lifted its position in Globus Medical by 14.7% during the 2nd quarter. Raymond James & Associates now owns 275,945 shares of the medical device company’s stock worth $18,899,000 after buying an additional 35,402 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in Globus Medical by 15.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock worth $80,000 after acquiring an additional 160 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Insiders Place Their Bets

In related news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the sale, the director now directly owns 536,275 shares in the company, valued at $40,242,076. This trade represents a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,500 shares of company stock worth $7,674,950. Company insiders own 18.54% of the company’s stock.

Globus Medical Stock Performance

GMED opened at $81.70 on Tuesday. Globus Medical, Inc. has a twelve month low of $49.14 and a twelve month high of $87.22. The firm has a market cap of $11.12 billion, a PE ratio of 121.94, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19. The firm’s fifty day moving average is $79.05 and its two-hundred day moving average is $72.99.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Wells Fargo & Company lifted their target price on Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. Stifel Nicolaus upped their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Piper Sandler lifted their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $92.18.

Globus Medical 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.