The Cornercap Investment Counsel Inc. Invests $1,239,000 in Globus Medical Inc. (GMED)

The Cornercap Investment Counsel Inc. Invests $1,239,000 in Globus Medical Inc. (GMED)

Cornercap Investment Counsel Inc. purchased a new position in Globus Medical Inc. (NYSE:GMED) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 49,930 shares of the medical device company’s stock, valued at approximately $1,239,000. Cornercap Investment Counsel Inc. owned approximately 0.05% of Globus Medical at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Rice Hall James & Associates LLC purchased a new stake in shares of Globus Medical during the second quarter worth about $16,516,000. UBS Asset Management Americas Inc. boosted its stake in shares of Globus Medical by 15.3% in the third quarter. UBS Asset Management Americas Inc. now owns 124,022 shares of the medical device company’s stock worth $2,799,000 after buying an additional 16,430 shares in the last quarter. Paradigm Capital Management Inc. NY boosted its stake in shares of Globus Medical by 5.2% in the third quarter. Paradigm Capital Management Inc. NY now owns 1,010,575 shares of the medical device company’s stock worth $22,808,000 after buying an additional 49,575 shares in the last quarter. Aberdeen Asset Management PLC UK boosted its stake in shares of Globus Medical by 47.5% in the second quarter. Aberdeen Asset Management PLC UK now owns 1,771,419 shares of the medical device company’s stock worth $42,213,000 after buying an additional 570,635 shares in the last quarter. Finally, Falcon Point Capital LLC boosted its stake in shares of Globus Medical by 2.0% in the second quarter. Falcon Point Capital LLC now owns 489,734 shares of the medical device company’s stock worth $11,670,000 after buying an additional 9,585 shares in the last quarter. 88.78% of the stock is currently owned by institutional investors.

Shares of Globus Medical Inc. (NYSE:GMED) traded down 2.15% during mid-day trading on Thursday, reaching $26.35. The company’s stock had a trading volume of 1,017,020 shares. The company’s 50-day moving average price is $24.50 and its 200-day moving average price is $23.33. Globus Medical Inc. has a 12-month low of $19.25 and a 12-month high of $27.66. The stock has a market capitalization of $2.52 billion, a P/E ratio of 21.60 and a beta of 0.62.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 8th. The medical device company reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.01. Globus Medical had a return on equity of 14.92% and a net margin of 21.20%. The firm had revenue of $135.70 million for the quarter, compared to analysts’ expectations of $139.25 million. During the same period in the previous year, the firm earned $0.28 EPS. The business’s quarterly revenue was down 1.0% on a year-over-year basis. On average, equities research analysts forecast that Globus Medical Inc. will post $1.20 earnings per share for the current fiscal year.

Several equities research analysts have recently weighed in on the company. Leerink Swann reiterated a “hold” rating and set a $23.00 price target on shares of Globus Medical in a research report on Wednesday, November 9th. Zacks Investment Research cut Globus Medical from a “hold” rating to a “sell” rating in a research report on Tuesday, January 3rd. Oppenheimer Holdings Inc. cut Globus Medical from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $29.00 to $23.00 in a research report on Wednesday, November 9th. Canaccord Genuity set a $27.00 price target on Globus Medical and gave the company a “hold” rating in a research report on Tuesday, November 8th. Finally, William Blair cut Globus Medical from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 9th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $25.00.

About Globus Medical

Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.

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