Meiji Yasuda Asset Management Co Ltd. Makes New Investment in Globus Medical, Inc. (NYSE:GMED)

Meiji Yasuda Asset Management Co Ltd. acquired a new stake in Globus Medical, Inc. (NYSE:GMED) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,780 shares of the medical device company’s stock, valued at approximately $230,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Coldstream Capital Management Inc. boosted its holdings in Globus Medical by 2.2% in 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 period. First Horizon Advisors Inc. raised its position 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 buying an additional 132 shares during the last quarter. US Bancorp DE lifted its stake in shares of Globus Medical by 3.2% in the fourth quarter. US Bancorp DE now owns 4,305 shares of the medical device company’s stock valued at $356,000 after buying an additional 135 shares during the period. Berry Wealth Group LP grew its position in Globus Medical by 5.1% during the fourth quarter. Berry Wealth Group LP now owns 3,409 shares of the medical device company’s stock worth $282,000 after buying an additional 164 shares in the last quarter. Finally, CIBC Asset Management Inc increased its stake in Globus Medical by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 3,487 shares of the medical device company’s stock valued at $288,000 after acquiring an additional 175 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on GMED. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $80.00 to $97.00 in a research report on Thursday, January 9th. BTIG Research raised their target price on Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Barclays boosted their price target on shares of Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Stifel Nicolaus raised their price objective on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, StockNews.com lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a research 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $97.09.

Insiders Place Their Bets

In other news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 18.54% of the company’s stock.

Globus Medical Price Performance

NYSE GMED opened at $72.49 on Friday. The stock’s 50 day simple moving average is $82.14 and its 200 day simple moving average is $79.85. Globus Medical, Inc. has a one year low of $49.33 and a one year high of $94.93. The firm has a market cap 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 announced its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $657.29 million during the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. As a group, equities analysts expect that Globus Medical, Inc. will post 3.44 earnings per share 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.