Blair William & Co. IL Cuts Stock Position in Globus Medical, Inc. (NYSE:GMED)

Blair William & Co. IL lessened its stake in Globus Medical, Inc. (NYSE:GMED) by 5.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,891 shares of the medical device company’s stock after selling 702 shares during the quarter. Blair William & Co. IL’s holdings in Globus Medical were worth $883,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vestal Point Capital LP purchased a new stake in shares of Globus Medical during the fourth quarter worth $42,632,000. Leeward Investments LLC MA grew its holdings in shares of Globus Medical by 27.6% during the first quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock worth $11,918,000 after buying an additional 48,047 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Globus Medical by 33.0% during the first quarter. Van ECK Associates Corp now owns 45,739 shares of the medical device company’s stock worth $2,453,000 after buying an additional 11,359 shares in the last quarter. Swedbank AB grew its holdings in shares of Globus Medical by 15.4% during the second quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after buying an additional 50,000 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in shares of Globus Medical by 17.9% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock worth $77,852,000 after buying an additional 172,605 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Truist Financial upped their target price on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Royal Bank of Canada boosted their price target on shares of Globus Medical from $76.00 to $78.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Morgan Stanley boosted their price target on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 7th. Finally, BTIG Research boosted their price target 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. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $77.20.

Insider Transactions at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total transaction of $70,000.00. Following the sale, the director now owns 16,419 shares in the company, valued at $1,149,330. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Price Performance

NYSE GMED opened at $71.00 on Wednesday. The stock has a market capitalization of $9.61 billion, a P/E ratio of 110.94, a PEG ratio of 1.91 and a beta of 1.17. Globus Medical, Inc. has a 12 month low of $43.38 and a 12 month high of $74.21. The firm’s 50-day moving average is $70.84 and its two-hundred day moving average is $63.84.

Globus Medical (NYSE:GMED) last issued 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. The business had revenue of $629.69 million for the quarter, compared to analysts’ expectations of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business’s quarterly revenue was up 115.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 earnings per share. As a group, analysts anticipate that Globus Medical, Inc. will post 2.84 EPS for the current year.

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.