Oppenheimer Asset Management Inc. Reduces Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Oppenheimer Asset Management Inc. reduced its stake in Globus Medical, Inc. (NYSE:GMED) by 8.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 22,051 shares of the medical device company’s stock after selling 1,925 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Globus Medical were worth $1,183,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Duality Advisers LP increased its stake in Globus Medical by 65.8% in the first quarter. Duality Advisers LP now owns 23,689 shares of the medical device company’s stock valued at $1,271,000 after purchasing an additional 9,398 shares during the last quarter. Leith Wheeler Investment Counsel Ltd. purchased a new position in Globus Medical in the first quarter valued at approximately $4,586,000. Texas Permanent School Fund Corp increased its stake in Globus Medical by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 100,964 shares of the medical device company’s stock valued at $5,416,000 after purchasing an additional 1,311 shares during the last quarter. Geneva Capital Management LLC increased its stake in Globus Medical by 10.5% in the first quarter. Geneva Capital Management LLC now owns 1,571,886 shares of the medical device company’s stock valued at $84,316,000 after purchasing an additional 149,987 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in shares of Globus Medical in the first quarter valued at approximately $429,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Globus Medical news, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Dan Lemaitre sold 63,300 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David D. Davidar sold 20,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $65.00, for a total value of $1,300,000.00. Following the completion of the transaction, the director now owns 566,275 shares of the company’s stock, valued at approximately $36,807,875. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GMED. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday, May 8th. Piper Sandler raised Globus Medical from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $60.00 to $80.00 in a report on Monday, May 20th. BTIG Research increased their price objective on Globus Medical from $63.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, May 29th. Stifel Nicolaus increased their price objective on Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Finally, Barclays increased their price objective on Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $69.40.

Globus Medical Price Performance

Shares of NYSE GMED opened at $71.07 on Monday. The stock has a fifty day moving average price of $65.96 and a 200 day moving average price of $57.68. The company has a market cap of $9.62 billion, a PE ratio of 111.05, a P/E/G ratio of 1.98 and a beta of 1.15. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $71.23.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.17. The firm had revenue of $606.67 million during the quarter, compared to analysts’ expectations of $586.82 million. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. Globus Medical’s revenue was up 119.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.53 earnings per share. Analysts anticipate that Globus Medical, Inc. will post 2.82 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.