Globus Medical, Inc. (NYSE:GMED) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp reduced its position in shares of Globus Medical, Inc. (NYSE:GMED) by 9.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 91,593 shares of the medical device company’s stock after selling 9,371 shares during the period. Texas Permanent School Fund Corp’s holdings in Globus Medical were worth $6,273,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GMED. Victory Capital Management Inc. lifted its holdings in Globus Medical by 15.9% during the 4th quarter. Victory Capital Management Inc. now owns 60,365 shares of the medical device company’s stock worth $3,217,000 after buying an additional 8,288 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Globus Medical by 6.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,007,812 shares of the medical device company’s stock valued at $53,706,000 after purchasing an additional 60,060 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in Globus Medical by 3.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 7,094 shares of the medical device company’s stock valued at $378,000 after purchasing an additional 244 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Globus Medical by 17.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 12,009 shares of the medical device company’s stock worth $624,000 after purchasing an additional 1,825 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its position in shares of Globus Medical by 109.7% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 14,793 shares of the medical device company’s stock worth $788,000 after buying an additional 7,737 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Performance

Shares of GMED opened at $69.26 on Thursday. The stock has a market capitalization of $9.38 billion, a P/E ratio of 108.22, a P/E/G ratio of 1.93 and a beta of 1.17. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $74.21. The company’s fifty day moving average is $70.79 and its two-hundred day moving average is $62.80.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. During the same period in the prior year, the company posted $0.63 earnings per share. The firm’s revenue for the quarter was up 115.9% on a year-over-year basis. Sell-side analysts predict that Globus Medical, Inc. will post 2.84 EPS for the current year.

Insider Activity

In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the transaction, the director now owns 16,419 shares in the company, valued at $1,149,330. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 18.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. BTIG Research increased their target price on shares of Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Morgan Stanley lifted their target price on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Wells Fargo & Company raised Globus Medical from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $60.00 to $78.00 in a research report on Wednesday, August 7th. Truist Financial raised their price target on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Finally, Piper Sandler upgraded Globus Medical from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $60.00 to $80.00 in a research note on Monday, May 20th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.20.

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.