Franklin Resources Inc. Has $10.41 Million Holdings in Globus Medical, Inc. (NYSE:GMED)

Franklin Resources Inc. grew its position in Globus Medical, Inc. (NYSE:GMED) by 133.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 125,824 shares of the medical device company’s stock after buying an additional 71,979 shares during the quarter. Franklin Resources Inc.’s holdings in Globus Medical were worth $10,407,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. FMR LLC increased its stake in shares of Globus Medical by 338.4% in the third quarter. FMR LLC now owns 38,723 shares of the medical device company’s stock worth $2,770,000 after acquiring an additional 29,890 shares during the last quarter. Verition Fund Management LLC increased its position in Globus Medical by 7.1% in the 3rd quarter. Verition Fund Management LLC now owns 9,980 shares of the medical device company’s stock worth $714,000 after purchasing an additional 665 shares during the last quarter. IHT Wealth Management LLC purchased a new stake in shares of Globus Medical during the 3rd quarter worth about $201,000. Quarry LP lifted its holdings in shares of Globus Medical by 698.4% during the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after buying an additional 433 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in shares of Globus Medical by 18.5% during the 3rd quarter. Quantinno Capital Management LP now owns 3,889 shares of the medical device company’s stock valued at $278,000 after buying an additional 606 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were 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 is available through this link. 18.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GMED has been the topic of several analyst reports. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $80.00 to $97.00 in a research note on Thursday, January 9th. Canaccord Genuity Group raised their target price on Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a report on Friday, January 10th. Truist Financial reduced their price target on Globus Medical from $90.00 to $82.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. BTIG Research increased their price objective on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and a consensus price target of $97.09.

Globus Medical Price Performance

NYSE GMED opened at $68.48 on Wednesday. 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 $9.42 billion, a P/E ratio of 91.31, a P/E/G ratio of 1.61 and a beta of 1.28. The stock’s 50-day moving average is $78.77 and its 200-day moving average is $80.01.

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, topping analysts’ consensus estimates of $0.74 by $0.10. The firm had revenue of $657.29 million during the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. Equities analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current 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.