Summit Investment Advisors Inc. Trims Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Summit Investment Advisors Inc. reduced its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 0.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,881 shares of the medical device company’s stock after selling 397 shares during the period. Summit Investment Advisors Inc.’s holdings in Globus Medical were worth $3,547,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. American Century Companies Inc. lifted its holdings in Globus Medical by 255.9% during the fourth quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company’s stock valued at $8,588,000 after purchasing an additional 74,659 shares in the last quarter. Oak Thistle LLC purchased a new position in shares of Globus Medical during the 4th quarter valued at $376,000. bLong Financial LLC bought a new position in Globus Medical in the 4th quarter worth $397,000. Kathmere Capital Management LLC bought a new position in Globus Medical in the 4th quarter worth $23,091,000. Finally, HB Wealth Management LLC purchased a new stake in Globus Medical in the 4th quarter worth $301,000. 95.16% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on GMED shares. Barclays upped their price objective on Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Truist Financial lowered their target price on shares of Globus Medical from $82.00 to $80.00 and set a “hold” rating on the stock in a report on Friday. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $80.00 to $97.00 in a research report on Thursday, January 9th. Finally, StockNews.com downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Stock Performance

Shares of Globus Medical stock opened at $72.75 on Monday. The stock has a market cap of $10.01 billion, a price-to-earnings ratio of 97.00, a price-to-earnings-growth ratio of 1.61 and a beta of 1.28. The stock has a 50 day moving average price of $77.20 and a 200-day moving average price of $80.07. Globus Medical, Inc. has a one year low of $49.33 and a one year high of $94.93.

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

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.