Channing Capital Management LLC Sells 24,161 Shares of Globus Medical, Inc. (NYSE:GMED)

Channing Capital Management LLC decreased its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 23.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 77,277 shares of the medical device company’s stock after selling 24,161 shares during the quarter. Channing Capital Management LLC’s holdings in Globus Medical were worth $6,392,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. State Street Corp increased its holdings in Globus Medical by 2.3% in the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock valued at $255,450,000 after purchasing an additional 81,371 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Globus Medical by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after buying an additional 21,935 shares during the period. Geneva Capital Management LLC increased its stake in shares of Globus Medical by 13.6% in the 4th quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company’s stock valued at $150,188,000 after acquiring an additional 217,707 shares during the last quarter. Parsifal Capital Management LP raised its position in shares of Globus Medical by 50.5% in the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock valued at $96,619,000 after acquiring an additional 453,053 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Globus Medical by 29.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,238,603 shares of the medical device company’s stock worth $88,610,000 after acquiring an additional 285,172 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on GMED shares. StockNews.com downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Canaccord Genuity Group raised their price objective on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Wells Fargo & Company decreased their target price on Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Barclays increased their price target on Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Finally, Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $80.00 to $97.00 in a report on Thursday, January 9th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $97.82.

Globus Medical Price Performance

Shares of GMED stock opened at $75.41 on Tuesday. The company has a fifty day moving average price of $85.75 and a two-hundred day moving average price of $79.81. Globus Medical, Inc. has a one year low of $49.33 and a one year high of $94.93. The stock has a market cap of $10.37 billion, a P/E ratio of 100.54, a P/E/G ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The business had revenue of $657.29 million for the quarter, compared to analysts’ expectations of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. As a group, equities research analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Insider Activity

In related news, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.54% of the stock is currently owned by company insiders.

Globus Medical Company 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.