Okabena Investment Services Inc. Acquires New Shares in Globus Medical, Inc. (NYSE:GMED)

Okabena Investment Services Inc. bought a new stake in Globus Medical, Inc. (NYSE:GMED) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 7,788 shares of the medical device company’s stock, valued at approximately $644,000.

Several other institutional investors have also recently bought and sold shares of the business. Coldstream Capital Management Inc. grew its holdings in shares of Globus Medical by 2.2% during the 3rd quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock valued at $447,000 after purchasing an additional 131 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock valued at $55,000 after purchasing an additional 132 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Globus Medical by 3.2% during the fourth quarter. US Bancorp DE now owns 4,305 shares of the medical device company’s stock worth $356,000 after purchasing an additional 135 shares during the period. Berry Wealth Group LP grew its stake in shares of Globus Medical by 5.1% in the fourth quarter. Berry Wealth Group LP now owns 3,409 shares of the medical device company’s stock worth $282,000 after purchasing an additional 164 shares during the last quarter. Finally, CIBC Asset Management Inc grew its stake in shares of Globus Medical by 5.3% in the fourth quarter. CIBC Asset Management Inc now owns 3,487 shares of the medical device company’s stock worth $288,000 after purchasing an additional 175 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Insider Activity

In other news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Trading Down 1.6 %

Shares of GMED stock opened at $72.49 on Friday. The firm has a fifty day simple moving average of $82.14 and a two-hundred day simple moving average of $79.85. Globus Medical, Inc. has a 12 month low of $49.33 and a 12 month high of $94.93. The firm has a market capitalization of $9.97 billion, a PE ratio of 96.65, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last posted its earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. On average, equities analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Wells Fargo & Company cut their price objective on Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. BTIG Research increased their target price on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. StockNews.com lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Finally, Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $97.09.

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.