HighTower Advisors LLC Has $2.79 Million Stock Position in Globus Medical, Inc. (NYSE:GMED)

HighTower Advisors LLC decreased its stake in Globus Medical, Inc. (NYSE:GMED) by 14.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 39,067 shares of the medical device company’s stock after selling 6,499 shares during the period. HighTower Advisors LLC’s holdings in Globus Medical were worth $2,788,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Stephens Inc. AR boosted its stake in Globus Medical by 3.4% during the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock worth $303,000 after buying an additional 138 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Globus Medical by 2.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock worth $403,000 after purchasing an additional 140 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of Globus Medical by 15.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock worth $80,000 after buying an additional 160 shares during the period. Van ECK Associates Corp grew its position in shares of Globus Medical by 0.4% during the 2nd quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock worth $3,145,000 after buying an additional 183 shares during the period. Finally, Central Pacific Bank Trust Division grew its position in shares of Globus Medical by 6.2% during the 3rd quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock worth $268,000 after buying an additional 220 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Insider Transactions at Globus Medical

In related news, Director David D. Davidar sold 30,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 5.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kelly Huller sold 2,500 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 97,500 shares of company stock worth $7,674,950 in the last 90 days. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Stock Down 0.3 %

Shares of Globus Medical stock opened at $82.71 on Friday. Globus Medical, Inc. has a 12-month low of $47.19 and a 12-month high of $87.22. The stock has a market cap of $11.26 billion, a P/E ratio of 124.48, a P/E/G ratio of 1.99 and a beta of 1.19. The business’s 50 day moving average is $78.32 and its 200-day moving average is $72.59.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter in the prior year, the business posted $0.57 EPS. The business’s revenue was up 63.1% compared to the same quarter last year. On average, sell-side analysts expect that Globus Medical, Inc. will post 2.97 EPS for the current year.

Wall Street Analysts Forecast Growth

GMED has been the subject of several analyst reports. Bank of America boosted their target price on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday, November 6th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. BTIG Research boosted their price objective on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $83.00 to $100.00 in a research report on Monday, December 2nd. Finally, Royal Bank of Canada boosted their price objective on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.18.

About Globus Medical

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.