Covestor Ltd Sells 957 Shares of Globus Medical, Inc. (NYSE:GMED)

Covestor Ltd lessened its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 72.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 358 shares of the medical device company’s stock after selling 957 shares during the quarter. Covestor Ltd’s holdings in Globus Medical were worth $26,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Select Equity Group L.P. purchased a new position in Globus Medical during the second quarter valued at approximately $91,711,000. Millennium Management LLC boosted its stake in shares of Globus Medical by 1,171.5% during the second quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after purchasing an additional 1,256,570 shares during the period. Magnetar Financial LLC boosted its stake in shares of Globus Medical by 198.6% during the first quarter. Magnetar Financial LLC now owns 1,689,287 shares of the medical device company’s stock valued at $90,613,000 after purchasing an additional 1,123,540 shares during the period. Burgundy Asset Management Ltd. lifted its stake in Globus Medical by 46.1% in the first quarter. Burgundy Asset Management Ltd. now owns 2,479,837 shares of the medical device company’s stock worth $133,018,000 after acquiring an additional 782,285 shares during the period. Finally, Champlain Investment Partners LLC lifted its stake in Globus Medical by 25.2% in the first quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company’s stock worth $134,335,000 after acquiring an additional 503,745 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on GMED shares. Wells Fargo & Company boosted their target price on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Barclays upped their price objective on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. BTIG Research increased their price objective on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Finally, Stifel Nicolaus raised their target price on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $88.18.

Globus Medical Stock Performance

Shares of GMED opened at $81.10 on Friday. The stock has a 50-day simple moving average of $73.14 and a 200-day simple moving average of $69.33. The stock has a market capitalization of $10.98 billion, a PE ratio of 121.04, a PEG ratio of 1.97 and a beta of 1.17. Globus Medical, Inc. has a 1 year low of $44.02 and a 1 year high of $84.87.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18. The firm had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm’s revenue was up 63.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.57 earnings per share. Analysts predict that Globus Medical, Inc. will post 2.98 EPS for the current year.

Insider Transactions at Globus Medical

In related news, SVP Kelly Huller sold 5,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now owns 42,884 shares in the company, valued at $3,017,318.24. This trade represents a 25.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock worth $8,512,850 over the last 90 days. 18.54% of the stock is currently owned by insiders.

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.